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BEIJING (MNI) - China still has the capacity, including fiscal resources,
to maintain its economic growth goal above 6% next year, Wang Xiaoguang, deputy
director of economic research at the Party School of Central Committee of
Chinese Communist Party (CCP), said on Wednesday.
Wang spoke at a briefing by senior scholars from the school on the CCP's
Fourth Plenum, which took place last month. Here are the key points:
- In terms of China-U.S. relations, next year 2020 will be relatively
quiet, given the U.S. presidential election and China has refrained from
escalating the tensions. China has focused instead on more opening up. Its
effort will gain more international acceptance as no one benefits from a trade
- China's economy has competitiveness. More than half of the impact from
the tariffs has been born by the U.S. side. The trade war has made China focus
on improving its own strength, including its systems of governance. It must
increase opening-up and promote innovation.
- China will maintain the mixed-ownership economy model, which is oriented
on efficient management of assets and capital operations. The intention is for
improving quality, not the expansion of the state sector. It's to improve
competitiveness, maintain control, as SOEs can better serve as a tool for
rebalancing growth, innovation, and the ability to manage risks.
- There is no such thing as advocating for SOEs taking a bigger role and
pushing back the private sector. There has been strategic and profit-driven
adjustments, with state shares in some industries advancing and falling in
others. The shares of SOEs in manufacturing and finance have all declined.
- While the theme of the Fourth Plenum was mainly about systems of
governance, economy maintains central to Chinese policymaking.
- China's political reform won't pursue the West's multi-party model. It
seeks to enhance its current model led by the CCP, said Zhu Lingjun, a scholar
specializing on the building of the party. China also seeks to have
checks-and-balances in its system, but some of the Western nations achieved
nothing even with the checks in place. China's system is about decentralizing
power and giving it the relevant tools. About 95% of Chinese officials and more
than 80% civil servants are CCP members. To expand the monitoring to cover all
the officials, China established The State Committee of Supervisory.
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