Xi calls for improved supply-side structural reform

Updated 2017-01-23 08:48:12 Xinhua

Chinese President Xi Jinping on Sunday called for the improving of the supply-side structure to boost the quality of the Chinese economy.

Xi made the remarks during the 38th collective study held by the Political Bureau of the Communist Party of China Central Committee.

He said that pressing ahead with supply-side structural reform was an inevitable choice for developing the Chinese economy, which had entered the "new normal," and was a strategy that had to be established for China's macroeconomic management.

Xi said that China had to improve the supply-side structure, starting with production to boost the quality and efficiency of the supply system, expand effective and medium-to-high-end supply, and increase the supply-side structure's adaptability to changes in demand, so the Chinese economy could move forward with improved quality, efficiency, equality and sustainability.

He said that currently constraints on China's economic development were mainly structural problems, existing in both supply and demand, adding that the main problem was on the supply side.

"To advance supply-side structural reform, China had to handle well the relationship between government and market," Xi said. "A major principle in promoting the reform is to let market play the decisive role in resource allocation and better play the role of government."

He said that the relationship between short term and long term also had to be well handled, stressing the importance of resolving existing prominent problems and building a long-term system and nurturing medium-to-long-term engines for economic growth.

"The relationship between addition and subtraction should also be well handled," Xi said.

He highlighed the need to cut low-end and non-effective supply, which includes cutting production capacity, destocking, and deleveraging.

Expanding effective and medium-to-high-end supply was also important, he said, including improving weak links, boosting the people's living standards, accelerating the development of new technologies, industries and products,

Xi also stressed the importance of handling the relationship between supply and demand, the two basic aspects of the market economy.

Chen Dongqi, a researcher with the Academy of Macroeconomic Research under the National Development and Reform Commission, delivered a lecture at the collective study and offered policy suggestions.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58July 26 2017 14:47:42

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16July 26 2017 14:47:42

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18July 26 2017 14:47:42

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords