"This marks a great shift in the leadership's development philosophy, which will continue to have far-reaching impacts on economic and social life," said Gao Peiyong, vice president of the Chinese Academy of Social Sciences.
In a bid to push forward high-quality development, China has given less weight to traditional high-polluting and high energy-consuming industries even though they are vital sources of jobs and tax revenues.
Instead, the country has doubled down on support for new drivers of growth such as high-end equipment manufacturing, modern services and high-tech industries.
Even in the first quarter when the novel coronavirus epidemic pushed China's economy into its first contraction in decades, the country still avoided launching a massive stimulus and maintained a tight grip over the property sector.
Further, rather than embarking on traditional infrastructure investment programs, China is seeking more targeted investments in "new infrastructure" such as 5G networks, big data centers and other projects that facilitate innovation and improve weak links in economic and social development.
"Expanding investment in new infrastructure is not a stopgap. It will not only boost consumption and benefit the people, but also facilitate structural adjustments and enhance the sustainability of growth," said Liu Duo, head of the China Academy of Information and Communications Technology.
REFORM KEY TO ECONOMIC SUCCESS
【国内英语资讯:China Focus: Braving challenges, CPC to lead China to new economic success】相关文章:
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