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Repeats Story Initially Transmitted at 07:31 GMT Oct 18/03:31 EST Oct 18
--Gov't to Further Deepen Institutional Reform
--Supply-Side Structural Reform to Serve as 'Main Guideline'
BEIJING (MNI) - China will pursue a "quality-first" economy under a new
vision of development led by the ruling Communist Party, President Xi Jinping,
who is also the party's chairman, said at the 19th CPC National Congress, which
opened on Wednesday in Beijing.
"We should endeavor to develop an economy with more effective market
mechanisms," make smaller businesses more dynamic, and keep sound
macro-management, Xi said in a speech that lasted more than three hours. "We
will move Chinese industries to the medium-high end of the global value chain,
and foster a number of world-class advanced manufacturing clusters," he said.
China will further deepen institutional reform in the financial system to
serve the economy and forestall systemic financial risks, Xi said. The
government will also improve the framework of regulation backed by monetary and
macro-prudential policies, and push interest rates and exchange rates to be more
market-based, he said.
Stressing the need to further supply-side reform, a pet project that Xi
championed in his first term, Xi said China must continue to focus on the real
economy, reduce overcapacity and debt. "We should pursue supply-side structural
reform as our main guideline" to optimize the economic structure and foster new
growth drivers, Xi said.
State-owned companies (SOEs) must be "stronger, better and bigger," Xi
said. The government will deepen the reform of this sector, promote
mixed-ownership economy and nurture world-class businesses, he said.
China will also enhance the system that boosts consumption to strengthen
the fundamental role that spending plays in the economy, Xi said.
During the week-long convention, Xi is expected to display that he has
consolidated his grip over the party and China, paving the way for his second
term as the president of the world's second-largest economy.
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