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China Should Unswervingly Press Ahead with Structural Reform

China should unswervingly carry forward strategic restructuring of the economy despite its progress, according to a meeting on April 25.

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, chaired the meeting on the country's economic situation and economic work.

The meeting was attended by members of the Political Bureau of the CPC Central Committee.

Facing a complicated domestic and international situation, China's economic and social development achieved hard-won results this year, according to the meeting.

The results were won by actively adapting to a "new normal" in the rate of economic growth, sticking to a new development philosophy, advancing supply-side structural reform, actively pushing forward restructuring and shifting growth engines, while effectively guarding against risks.

The economy has been steady and sound in the first quarter, a good start for the year, with improved growth, economic benefits and market expectations.

Domestic demand contributed more to economic growth while new technologies, new products and new services multiplied, pushing forward industrial upgrading, creating jobs and increasing people's income.

However, China still has a long way to go in restructuring its economy and faces many challenges, it must unswervingly press ahead with strategic restructuring, according to the meeting.

The economic work should maintain the basic tone of "making progress while maintaining stability," with the focus remaining on quality and efficiency while promoting supply-side structural reform.

Stable and healthy development must be ensured, while systemic financial risks must be avoided.

The meeting stressed the importance of the continuity and stability of macroeconomic policy, vowing to continue the proactive fiscal policy and prudent monetary policy.

Industrial restructuring will be firmly pushed forward to upgrade traditional sectors and foster new growth momentum to rejuvenate the real economy and facilitate economic transformation.

More people must benefit from reforms and work related to people's livelihood must be given priority, the meeting said, emphasizing the importance of giving people a greater sense of gains.

More efforts shall be made to build a sound business environment, open more sectors to investors, and improve market expectations.

The work of establishing a long-term mechanism for stable property market development will be quickened, according to the meeting.

Greater importance must be attached to curbing financial risks, with enhanced coordination among regulators, stronger financial support for the real economy and tougher punishments for irregularities.

(Xinhua News Agency April 25, 2017)

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