China Deepens Reform for Continuous Growth in 2018
By Mei Manuel, December 22, 2017 04:12 AM
On Wednesday, Xinhua reports that China will be maintaining its economic growth next year and would also deepen structural reforms and curb risks for its financial system.
According to Xinhua news, the plans were created after an economic planning meeting between ministers. Currently, China's economic growth has exceeded expectations even if it had upped the ante of its campaigns to cut debts and the new policies may restrict its movement.
The yearly economic conference was attended by China's top leaders and many companies and investors watch over the proceedings to determine the country's policy priorities and targets for the coming year.
Furthermore, the report also quoted a statement which said that the government will be pushing forward for the incoming year with structural supply-side reform and maintain a neutral monetary policy next year while the government looks on improving the quality of growth.
The statement also stressed, "China's economic development has entered a new era. The basic feature is that our economy has shifted from the high-speed growth stage to a stage of high-quality development. Pushing forward high-quality grwoth is a requirement for maintaining healthy development of the economy."
The statement released by Xinhua reflects President Xi Jinping's comment in the 19th Party Congress in October as he said that the country would be pushing for higher quality and efficient grwoth.
Xinhua also said that China will be maintaining its economic growth in a reasonable level and also keep credit growth reasonable next year.
Aside from the plans on how the government would maintain its grwoth, Xinhua also reported that the government would also focus on controlling financial risks, especially the massive shadow banking sector and the micro-lending business.
Further measures would also be introduced to regulate local government debt, state-owned firms reform and private investment.
In terms of the country's property sector, China will also be maintaining continuous and stable measures that would moderate the sector.
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