国际英语资讯:China Focus: China to press ahead with supply-side reform_时事

国际英语资讯:China Focus: China to press ahead with supply-side reform

BEIJING, Dec. 26 (Xinhua) -- Supply-side structural reform has been a catchphrase in China this year, and is set to remain a central theme of the nation's economic work in 2017 as it is expected to inject vitality into the world's second largest economy.

The reform has witnessed steady progress since China's policymakers proposed it at the end of 2015 to resolve structural imbalances in the economy.

Thanks to supply-side reform, the Chinese economy is ending 2016 on firm footing with the country looking like it will hit its annual growth targets.

国际英语资讯:China Focus: China to press ahead with supply-side reform1

In the first three quarters, the economy expanded 6.7 percent, well within the government's target range of between 6.5 and 7 percent.

Throughout the year, authorities have pressed ahead with five tasks: cutting industrial capacity, reducing the housing inventory, cutting leverage, lowering corporate costs and improving weak economic links.

A large number of zombie enterprises have been shut down this year. Industries plagued by overcapacity and lagging technology have been urged to move up the value chain to stay competitive.

China has met this year's target of reducing 45 million tonnes of steel and 250 million tonnes of coal production capacity, ahead of schedule.

The country has seen a continued decrease in the housing inventory. By the end of November, the inventory had fallen for nine consecutive months.

With business tax replaced by value-added tax, companies are expected to cut costs by over 1 trillion yuan (around 145 billion U.S. dollars) this year.