Business / Technology

New thinking boosts economic growth quality

(Xinhua) Updated: 2016-02-26 14:38

Per capita disposable income grew 8.9 percent in 2015, and end-user consumption contributed 66.4 percent to GDP.

The new thinking for sustaining growth is expected to endorsed by the national legislature, which is to convene from next week.

The National People's Congress, or the legislature, would also debate on the 13th Five-year Plan from 2016 to 2020, during which the Chinese leadership vowed to complete the building of a moderately prosperous society in all aspects.

Credit Suisse Group Managing Director Dong Tao pinned high hopes on supply-side structural reform, saying better-off Chinese have huge consumption potential while enterprises are usually good at churning out steel, cement and low-end products which no longer fascinate consumers today.

Tasks, however, remain quite challenging and the world's second largest economy needs to address tough issues such as weak industrial product prices, declining business profitability, slower fiscal revenue growth and financial and banking risks.

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