China to concentrate on ‘weak links’
Print Edition
CHINA’S government is to strengthen weak links in crucial fields that include poverty alleviation, infrastructure, post-disaster water conservancy control and the development of new growth engines.
The decision, adopted at a State Council meeting chaired by Premier Li Keqiang on Monday, is intended to achieve more balanced and effective development and provide a driving force for supply-side structural reform.
At the meeting, Li heard a report by the National Development and Reform Commission on efforts in improving key weak links.
“The key to expanding demand and creating a proper context for China’s structural reform is to improve its own weak areas,” Li said. “China is still a developing country with huge development gaps among regions and also between rural and urban areas. We need to work hard to expand effective investment and make stronger efforts in improving weak links.”
Improving the country’s weak links is one of the major tasks set for the country’s 13th Five-Year Plan for national socioeconomic development (2016-2020), and was raised during the Central Economic Conference in Beijing last December.
Li said reducing excess capacity, lowering corporate costs and improving weak links for better livelihoods are the government’s core tasks this year.
“Currently we are still under pressure on maintaining stable economic growth and creating jobs, and our achievements in the first half of this year did not come easily,” Li said.
China’s economy grew by 6.7 percent in the first half of the year, within the targeted range of 6.5-7 percent.
Monday’s meeting said further measures would be taken in three key areas.
First, efforts will be made to lift 10 million people out of poverty by the end of 2016.
Second, hydro engineering and urban water logging prevention infrastructures will be enhanced, especially in areas flooded this summer, and 10 flood prevention projects will start this year.
Third, infrastructure building will take a step further, with a total of 800 billion yuan (US$120 billion) to be invested in railway construction, and construction of over 2,000 kilometers of underground pipelines to commence this year. Public facilities for the elderly will also be improved.
Further support will also be offered in developing agriculture, technological and equipment upgrading as well as nurturing new economic driving forces.
The government is expected to play a leading role in strengthening these areas of weakness, while more market access will be open to private investors. Areas such as civil airport operation, telecommunications and oil-gas exploration are to be open to private investors.
Li stressed that such efforts need to be implemented with clear focus on critical infrastructure projects as well as accelerating institutional reforms to create the environment for improving weak links. There will also be innovations in financing as well as in ways to attract foreign investment.
“We need to better intensify both positive and negative incentives to generate enthusiasm from all departments,” Li said, “Meanwhile, lawful rights of all market players must be protected, and harsher penalties are necessary for governments who fail their duties.”
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