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November 5, 2013

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Economy developing on the right track

Source: Xinhua | November 5, 2013, Tuesday | Print Edition

Vice Premier Zhang Gaoli said the country’s economy is generally stable and the country is expected to reach its economic and social development targets for this year.

The national economy is showing a positive development trend within stable levels, Zhang said during a four-day tour of Shanghai and Zhejiang Province that ended yesterday.

The Chinese government set an economic growth target of 7.5 percent for this year.

Growth rebounded to 7.8 percent in the third quarter of this year, up from 7.5 percent in the second quarter and 7.7 percent in the first quarter.

However, Zhang said the foundation of the recovery is not solid and efforts should be taken to guard against risks.

Zhang called for more efforts to be taken to foster the sustainable development of the private economy, promote economic restructuring, advance reforms and boost employment.

He urged local governments and authorities to accelerate the transformation of government functions and create an open and fair market environment for the private sector.

Zhang said the country’s eastern regions, which are at the forefront of the opening up and reform drive, need to play a leading role in rebalancing the economy. This includes eliminating excessive production capacity and improving the quality of economic growth.

He also demanded efforts be made to encourage technological innovation, curb pollution, improve people’s livelihoods and better implement the policies set for the Shanghai free trade zone.

 

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