Xi optimistic about economic fundamentals
Print Edition
PRESIDENT Xi Jinping said yesterday that China’s long-term economic fundamentals remain sound despite downward growth pressure and recent financial market volatility.
Xi was speaking at a symposium attended by ministers and provincial officials, adding that the new normal would be the major characteristic of the economy during the 13th Five-year Plan period (2016-2020), and a necessary course the economy must go through to realize higher, more balanced development.
Xi said that as the economy expands, the growth rate will moderate, thus its structure must be adjusted while the engines of growth must be shifted.
China’s economy rose 6.9 percent in the third quarter of 2015, slowing slightly from 7 percent in the second quarter and its lowest quarterly growth since the global financial crisis.
The economy has entered a new stage of slower but more resilient growth, which Xi calls the new normal. The essence of which is an improved economic structure that relies more on domestic consumption, the service sector and innovation.
China is due to release growth rates for the last quarter and the whole of 2015 today.
Xi said innovation should be made the pivot of economic development, which would help foster new engines of economic growth. He urged officials to stabilize short-term growth and plan for longer-term development, and coordinate development among different regions and urban and rural areas.
Supply-side structural reform will advance economic restructuring by means of reform measures, while reducing noneffective and low-end supply as well as expanding effective and medium-to-high-end supply to boost productivity, Xi said.
A series of policy measures, especially those focusing on scientific and technological innovation, development of the real economy, and people’s livelihoods, should be used to address problems with the supply side of the economy, he added.
Supply-side structural reform should focus on both supply and demand and facilitate the decisive role of the market in allocating resources, Xi said.
It is crucial, he said, to cut overcapacity, promote industrial regrouping, reduce cost for enterprises, develop strategic emerging industries and the modern service sector, and increase the supply of public goods and services.
Premier Li Keqiang told the symposium that the economy faces increasing downward pressure amid complicated international conditions.
Li called for a focus on the implementation of supply-side structural reform, identifying fresh driving forces for development, and upgrading traditional driving forces.
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