Business / Economy

Xi underscores economic issues

(China Daily) Updated: 2012-12-07 11:20

China must maintain economic growth and persevere with market-oriented reforms in the face of multiple risks in the economy, said newly elected Party leader Xi Jinping.

The government should continue its proactive fiscal and prudent monetary policies next year and improve the economy's dynamics, Xi, general secretary of the Communist Party of China Central Committee, said at a symposium held last week with non-Party figures in Beijing.

"The growth must be tangible, and should be efficient, of good quality and sustainable," Xi said.

He urged adherence to market-oriented reforms and well-conceived top-level reform designs.

"Targeted measures should be carried out in a timely manner, while gradual progress in the overall reforms should be combined with breakthroughs in certain fields," he added.

Other priorities in 2013 include supporting agriculture, restructuring the economy and improving people's livelihoods, Xi said.

China has to prepare itself for multiple risks and challenges, though the fundamentals of the economy are healthy, Xi added.

The world economy will continue to grow at a slow rate, while domestic companies are troubled by increasing costs and weak capabilities in innovation. Conflicts are increasing between inadequate demand and excessive production capacity, as well as between economic development and the environment, he said.

China's economy expanded 7.4 percent year-on-year in the July to September period, slowing for the seventh consecutive quarter.

However, official data has showed a recovery in fixed-asset investment, industrial activity and retail sales in recent months.

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