In 'new era', supply-side reform will focus on quality

BEIJING - As China steps into a "new era" of development, the next chapter is beginning for the country's supply-side structural reform with a stronger focus on quality and economic rebalancing.

The reform, initiated two years ago, was considered vital to maintain stable economic growth at the recent 19th National Congress of the Communist Party of China.

A consensus was reached that the economy has been transitioning from a phase of rapid growth to a stage of high-quality development.