"It means opportunities for businesses not just in China but across the world," said the senior official.
He also outlined some of the tangible benefits already in place. To this point, China's domestic demand has steadily expanded, with consumption contributing 58.8 percent to economic growth, nearly four percentage points higher than five years ago.
The added value of the service sector takes up 60 percent of GDP, more than five percentage points higher than five years ago.
MAIN TASK
The principal contradiction in China's economic development, Liu said, 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, he said.
The priority at the moment, he emphasized, 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.
"With these measures, we hope to make the supply side more adaptable and more innovative. Some initial progress has been made," Liu said.
Since 2016, China has cut over 115 million tons of steel capacity, eliminated an additional 140 million tons of substandard steel capacity, and phased out over 500 million tons of coal capacity.
Though these market clearing measures has led to price rises in some sectors, the total factor productivity growth stopped its decline and began to increase in 2016, Liu said.
【国内英语资讯:Spotlight: China reveals top-level planning of economic policy at Davos forum】相关文章:
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