Business / Economy

China aims for stabilizing growth speed, better quality: experts

(Xinhua) Updated: 2015-02-16 15:57

BEIJING - China is aiming for better quality and stabilization in its economic growth, while balancing medium-to-high growth, restructuring and risks, experts said at a top economic forum.

"The average pace of economic growth for the next five years is likely to be 7 percent, and a potential growth of 7 to 7.5 percent is also achievable," Fan Gang, head of the National Economic Research Institute and former advisor to China's central bank, said at the annual meeting of Chinese Economists 50 Forum over the weekend.

The meeting aimed to sketch out plans for the 13th Five-Year plan (2016-2020) under the new normal state, the Shanghai Securities News said on Monday.

China's growth rate during the next five years will most likely range from 6 to 7 percent. However, in order to maintain moderate growth, China must balance the relationship between medium-to-high growth speed and economic restructuring.

Experts agreed at the forum that a more efficient and comprehensive mode of economic development should replace the traditional one.

Xu Lin, director of the Department of Development Planning under the National Development and Reform Commission (NDRC), said economic growth for the next five years, under the state of new normal, should be aiming at higher quality and efficiency, driven by innovation, with a greener mentality.

Yang Weimin, vice minister of the Office of the Central Leading Group on Finance and Economic Affairs, said 10 big questions have to be answered in planning out the 13th Five-Year plan, including how to maintain steady economic growth, how to increase income, especially that of the low-income groups, how to reform the traditional development mode, as well as how to expand the scale of opening up.

Experts also discussed several topics related to industrial transformation, human resource construction, residents' income and urbanization.

The five-year plan sets out an economic and social policy framework for the country, and needs to be approved by the National People's Congress, China's top legislature.

The 13th Five-Year Plan, covering 2016 to 2020, is the country's last five-year plan to complete the construction of a moderately prosperous society in all respects by 2020 and for achieving decisive results in deepening reforms.

Chinese Economists 50 Forum, or 50 Forum, is celebrated as one of the country's top think tanks. It is an independent research entity that gathers the most famous and reputable Chinese economists with the vision to contribute to important issues in China's modernization, economic development and reform.

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