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Premier Li stresses quality growth

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Premier Li stresses quality growth
Premier Li stresses quality growth

BEIJING, Oct. 31 : Chinese Premier Li Keqiang on Saturday urged implementation of the growth roadmap laid out during a fourday key meeting of the Communist Party of China (CPC) to achieve quality growth in next five years.
China will continue to prioritize development, and highlight quality and efficiency to deliver mediumhigh growth in the coming years, Li said at a State Council meeting.
According to the communique released after the CPC meeting that adopted proposals for economic and social development in the 13th Five-year Plan period (2016 to 2020), China aims to double its 2010 GDP and per capita income of residents both in cities and rural areas by 2020.

China should highlight innovation, coordinated and green development, opening up and inclusiveness to fulfill the economic goals in the next five years, said the communique.
Li asked authorities to formulate detailed plans to deliver the targets in the proposals, stressing the need to innovate and improve China’s macro-control mindset, and strengthen targeted adjustments to ensure the economy stay within a proper range.

China should take policies that could benefit both current and long-term growth to expand effective investments and consumption, and stabilize foreign trade growth, he urged.

Reforms of fiscal policies, financial mechanisms and state-owned enterprises should be deepened to push economic restructuring, Li noted, stressing the roles of innovation and entrepreneurship in bringing out economic vitality.

He also urged continued efforts to promoted coordinated urban-rural development. Regional development strategies such as the Belt and Road Initiative, the Beijing-Tianjin-Hebei integration plans should be accelerated to explore growth potentials, according to Li.

Saturday’s meeting also pledged wider opening-up both at home and abroad. The experience accumulated in the free trade zones should be replicated nationwide and further industrial cooperation with other countries should be promoted.
China will also improve its social security network in employment, education, healthcare and housing, Li promised.
China’s economy expanded 6.9 percent year on year in the third quarter of 2015, the lowest reading since the second quarter of 2009, but in line with the government target of around 7 percent.

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