China urges implementation of reform, restructuring measures

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China urges implementation of reform, restructuring measures

(Xinhua) 08:29, October 21, 2013

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BEIJING, Oct. 20 -- The Chinese government has vowed to further promote reforms and restructuring, while urging the implementation of such measures issued by the State Council in recent months.

The moves are expected to lay a solid foundation for the economy to stabilize and grow, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang on Friday.

Facing complicated economic situations, the State Council has introduced various measures, such as to streamline administration and delegate powers to lower levels, to facilitate trade and investment and to free interest rates, while not expanding deficits, not loosening or tightening money supply, said the statement.

The meeting studied problems in the implementation of the policies, saying that the foundation for economic rebound is not stable yet, deep conflicts are still outstanding and more risks and challenges will exist in future development.

More work should be done to promote reforms and restructuring, and the measures that have been mapped out should be carried out fully, so as to constantly release reform dividends and lay a solid foundation for the economy to stabilize and grow, the statement said.

The statement asked local governments and various departments to map out accessory measures directed against vulnerable links in carrying out the policies.

To deepen reforms, governmental functions should be transformed, while industrial upgrading should be boosted through growing new competitive strengths, it said.

More work should be done to secure and improve people's livelihood, the statement said.

The meeting asked local governments and various departments to check their implementation of the reform and restructuring policies, while the State Council will organize inspections.

China's overall economy is running well, but the foundation is instable, especially its endogenous economic growth capacity is weak, said Zhang Liqun, a researcher at the Development Research Center of the State Council.

The economic rebound in the third quarter is closely related with a series of policies introduced by the government this year, including stabilizing growth, restructuring and promoting reforms, said Wang Jinbin, a professor of economics at Renmin University.

But investment, not consumption, still served as the top drive for economic growth, and thus tasks will be daunting for future restructuring and reforms, said Lian Ping, chief economist at the Bank of Communications.

China's gross domestic product rose 7.8 percent in the third quarter compared with one year earlier, accelerating from the second quarter's 7.5-percent increase and a rise of 7.7 percent in the first quarter.