国内英语资讯:Economic Watch: Supply-side structural reform gears up for high-quality development_时事

国内英语资讯:Economic Watch: Supply-side structural reform gears up for high-quality development

China has made headway in phasing out overcapacity, a significant part of its ongoing economic restructuring. Annual targets of slashing steel capacity by around 50 million tonnes and coal by at least 150 million tonnes were fulfilled in August and October, respectively.

UBS economist Wang Tao said China was likely to start promoting capacity upgrades next year in addition to reduction and further restriction of coal and thermal power from 2018 to 2020.

FOSTERING NEW ENGINES

As economic growth has slowed and traditional growth engines lost steam, the country has turned to innovation, hoping new technology, industries and business models will provide the strength for future growth.

At the 19th National Congress of the Communist Party of China, which charts the course for the country's future development, innovation has been labeled as the primary driving force behind development.

China has worked to create a supportive environment for innovation, including investment, policy support and a strong market environment.

Increasing R&D input, which is second only to the United States, and favorable policies, including financial services, better protection of intellectual property rights and easier market access, fueled innovation and entrepreneurship.

For the coming year, the government will continue to foster new growth drivers, and push technological innovation and upgrading of traditional industries.