BEIJING, Dec. 30 -- Two years on, supply-side structural reform remains the centerpiece of China's economic agenda, but priorities have shifted as high-speed growth is giving way to high-quality development.
Initiated in 2017, the reform has focused on five fronts -- pruning overcapacity, clearing up the large inventory of unsold homes, curbing debt levels, lowering business costs and tackling weak links.
It has yielded the desired results, promoted economic restructuring, and stabilized growth in the world's second-largest economy.
The country will deepen reform in 2018, focusing on eradicating ineffective capacity, fostering new drivers of growth and cutting costs in the real economy, the central authorities declared at a tone-setting economic meeting this month.
TACKLING EXCESS CAPACITY
Like many other over-staffed steel producers, Magang (Group) Holding Company, or Masteel, is in the middle of downsizing.
The steel complex in eastern Anhui Province has cut nearly 5 million tonnes of outdated capacity. The capacity reduction boosted the company's profitability. Net profit of the Masteel's Shanghai-listed branch more than doubled from a year earlier to 2.74 billion yuan (nearly 420 million U.S. dollars) in the first three quarters.
The case is common in glutted steel and coal sectors, where the government is pushing for consolidation.
Pledging continued efforts to address overcapacity, policy makers agreed on measures to eliminate ineffective supply in 2018, at the Central Economic Work Conference, with dealing with debt-ridden, loss-making "zombie enterprises" highlighted.
【国内英语资讯:Economic Watch: Supply-side structural reform gears up for high-quality development】相关文章:
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