China’s high-quality development requires further reform: senior official

China’s economic transition to highquality development requires further reform and opening up, a senior Chinese official has said. “Governments should substantially reduce their role in direct resources allocation and channel more energy into macro regulation, public services, market supervision, social management, and environmental protection,” said Yang Weimin, deputy head of the Office of the Central Commission for Financial and Economic Affairs.

“Resources allocation should be based on market rules, prices and competition,” Yang said Thursday at a forum marking the 40th anniversary of the reform and opening-up drive, hosted by the Institute of Economics, Chinese Academy of Social Sciences.

As the world’s second largest economy, China is in the middle of a major economic transformation shifting from speed to quality. For example, slower GDP growth is more tolerable while other factors including employment, environment and industrial restructuring are given greater importance. Yang said China had altered its concepts and road maps for economic development amid a changing circumstance. “There have been dramatic changes in China’s demand structure ... pollution has exceeded the environmental bearing capacity,” he said.

The senior economic official listed several areas for China’s high quality development.

“China should maintain equilibrium in indicators of growth, employment, prices and international balance of payments,” Yang said. “Industrial modernization should be promoted, with intelligent production and core technology.”