Focus is on quality economic growth

Updated 2018-03-03 09:11:08 China Daily

Reporters hope to be called on at a news conference for the first session of the 13th National Committee of the Chinese People's Political Consultative Conference at the Great Hall of the People in Beijing. The session begins on Saturday. (Photo/Xinhua)

Restructuring and risk prevention are considered crucial to stability

China will focus on a high-quality economic growth model, discarding the previous overarching emphasis on speed, by further deepening restructuring reforms and preventing systemic risks, a spokesman said on Friday.

The national political advisers believe that sound and stable economic growth will continue in 2018, supported by supply-side structural reform, Wang Guoqing, the spokesman of the first session of the 13th National Committee of the Chinese People's Political Consultative Conference, said at a news conference. [Special coverage]

Other major tasks to ensure the growth model transformation include developing the real economy, preventing systemic risks and improving people's livelihood, he said.

In 2017, China showed an "encouraging" annual economic report, with total GDP of more than 82 trillion yuan (.9 trillion), equal to the combined GDPs of the world's fifth to tenth largest economies, Wang said.

The year-on-year economic growth rate of 6.9 percent last year also was remarkable among the world's major economies, he added.

The next stage of supply-side reform is expected to include continually cutting capacity and production in heavy industry, which is in part to reduce pollution, according to a research note by Louis Kuijs, head of the Asia Economics department at Oxford Economics.

Wang also pledged that State-owned enterprises will become more strategically well-positioned through mergers and reshuffling, with State-owned capital allocation efficiency further boosted and development quality substantially enhanced.

SOE reform is in accordance with legal norms and market discipline, he said, and restructured companies saw their total assets rise by 59 percent and profits rise by 42 percent compared with five years ago.

"China already is seeing a batch of world-class companies arise on the horizon," said Wang.

Experts predict that the government will make efforts to improve profitability and close down "zombie enterprises", leading to capacity consolidation, closures and mergers and acquisitions among SOEs.

"We think that the call for more emphasis on quality and equality as opposed to quantity will be reflected in the emphasis on encouraging innovation, Made in China 2025 and moving up the value chain," Kuijs said.

Economists and analysts also expect more reform measures to be disclosed during the National People's Congress, set to start on Monday, when the government will present its key economic policy directions and targets for 2018.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58September 26 2018 20:49:23

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 12:16September 26 2018 20:49:23

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18September 26 2018 20:49:23

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.

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