The Central Economic Work Conference, an annual meeting during which Chinese leaders review the past year’s economic performance and map out plans for the next year, was held in Beijing from Friday to Monday.
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“The single biggest constraint on China’s economy is supply can’t meet the changed demand”, the official said, adding, “So the focus for next year is on carrying out supply-side structural reforms”. It will also promote consolidation of property developers and encourage them to adopt new marketing strategies, the statement added.
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On lowering corporate costs, regulators will be asked to cut the financing costs of enterprises and “normalise interest rates”.
The think-tank recommended expanding China’s fiscal deficit to support major projects and possibly issuing more central and local government bonds.
China is set to report its slowest annual economic growth rate in 25 years, and many economists said it would struggle to reach that goal.
Taking cues from Mr Xi’s remarks at a party conclave in October, the target is widely expected to be lowered to around 6.5 to 7 per cent. The reform aims to accelerate growth by freeing up productivity and raising supply-side competitiveness.
The government aims to keep economic growth within a “reasonable range” next year, state radio said without giving specifics.
Economics professor Zhou Qingjie of Beijing Technology and Business University told The Straits Times the move in part fulfils a pledge Mr Xi made in 2013 to let the markets play a more decisive role.
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“We need the economy to grow at a certain pace in order for structural reform to be carried out”, said the source, who requested anonymity. Until now, China used to rely on investment, exports and consumption, which are classified as demands. Measures will include cutting excess industrial capacity, reducing housing inventories and cutting production costs with policy support.
