Business / Economy

China's economy faces challenges despite steady performance

(Xinhua) Updated: 2014-08-28 09:44

BEIJING - China's economy is facing multiple domestic and international challenges despite its steady performance in the past seven months, said a senior economic official in Beijing on Wednesday.

China is dealing with complicated situations with strong uncertainty at home and abroad, said Xu Shaoshi, minister in charge of the National Development and Reform Commission, during the ongoing bi-monthly meeting of the country's top legislature.

China's economy faces challenges despite steady performance
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China's economy faces challenges despite steady performance
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Internationally, the internal drive of a global recovery has remained weak and a strong rebound may not happen in the near future despite positive signs so far this year, Xu said, elaborating on a report regarding national economic and social development.

China's economy is going through key adjustments with serious problems and conflicts that hinder its stability, he said.

"The foundation for stable economic growth is not solid enough and there are things to be worried about behind the positive signs," he said.

To tackle these problems, in the following months the central government will continue stable macroeconomic policies and adopt flexible microeconomic policies, he said.

The government will speed up reforms in removing administrative approvals, industrial barriers, budget management and pushing forward private bank trials, he said.

Measures will be made to improve public service and encourage private capital to further open up the service sector.

The government will try its best to guarantee a good harvest of farm produce this year.

As for the country's exports, Xu said the focus will be on updating its export-oriented industries, encouraging service exports and cross-border e-commerce.

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