Senior Chinese official Liu He Wednesday elaborated on the top-level planning of China's economic policy for the next few years at the World Economic Forum (WEF).
Liu is a member of the Political Bureau of the Communist Party of China Central Committee and director of the General Office of the Central Leading Group for Financial and Economic Affairs.
Below are some quotable quotes of Liu's speech at the forum.
-- "Our focus needs to change from 'Is there enough?' to 'Is it good enough?'." Such a transition is the context in which China formulates its macroeconomic, structural, reform and social policies in the coming years.
-- As China opens up wider to the outside world, its transition to a new model of development will create huge opportunities for many new industries. "It means opportunities for businesses not just in China but across the world."
-- The principal contradiction in China's economic development is the structural mismatch resulting from the supply side failing to evolve in step with the demand. This aspect of China's economic policy urgently needs to be fixed.
-- The priority at the moment is to cut excess capacity where necessary, reduce inventory in the housing sector, bring down the overall leverage ratio, lower cost across the board, and strengthen the weak links in the economy, ranging from public services to infrastructure and institutions.
-- "The positive spillover of our supply-side structural reform is being felt across the world. Indeed, this is a reform that we must continue and see through."
-- China has to fight three critical battles in the next few years - risk prevention, poverty reduction and pollution control. "For China to build a moderately prosperous society in all respects, we must fix the shortest plank in our development through winning these battles."
-- "Green and low-carbon development is what the Chinese people want the most in a break with the traditional growth model."
-- China has to advance reform and open up at a faster pace. China will further integrate with international trade rules and ease market access. China will also substantially open up the services sector, the financial sector in particular, and create a more attractive investment environment.