Xi de­mands pri­or­ity on ad­vanc­ing sup­ply-side re­form

Pakistan Observer - - INTERNATIONAL -

OUR COR­RE­SPON­DENT BEI­JING—Chi­nese Pres­i­dent Xi Jin­ping urged local au­thor­i­ties on Satur­day to pri­or­i­tize sup­ply-side re­form, boost­ing confidence in eco­nomic re­struc­tur­ing.

More should be done to ac­cel­er­ate re­form at state-owned en­ter­prises; the fi­nan­cial and fis­cal sec­tors; as well as pric­ing and so­cial se­cu­rity sys­tems, ac­cord­ing to a state­ment re­leased af­ter a meet­ing of the Cen­tral Lead­ing Group for Deep­en­ing Over­all Re­form chaired by Xi.

All de­part­ments should iden­tify any prob­lems and draft ac­cu­rate ap­proaches, Xi told the meet­ing. Given con­tin­ued eco­nomic head­winds and am- bi­tious growth tar­gets, China un­der­stands the role sup­ply-side re­form will play in re­leas­ing new sources of growth and in­crease eco­nomic ef­fi­ciency.

Pro­posed by pol­i­cy­mak­ers in Novem­ber, this new eco­nomic strat­egy was de­signed to fa­cil­i­tate re­struc­tur­ing and prop up growth Push­ing sup­ply-side re­form is tes­ta­ment to the coun­try’s com­mit­ment to re­form, the state­ment said.

“Re­form will cause pain, but with­out re­form, the pain will be more lon­glast­ing,” it added.

Xi called on local au­thor­i­ties to be more re­for­m­minded and en­sure the timely im­ple­men­ta­tion of re­form.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.