Approach to economy changing gradually

The annual Government Work Report presented to the National People's Congress, China's top legislature, by Premier Li Keqiang on March 5 specified the government's economic objectives and priorities for 2018.

The report shows that the shift toward the greater emphasis on quality and equality over quantity heralded at the 19th National Congress of the Communist Party of China in October 2017 is planned to start in practice this year, albeit subtly and gradually. The government plans a modest, gradual change in terms of how to balance growth with reform and deleveraging, and plans some policy reforms and changes rooted in the longer-term policy orientation outlined at the 19th Party Congress.

The GWR says the government's key ambitions for this year are to strongly promote "high quality development", be bolder in reform and opening-up, and achieve success in the "three critical battles" against potential financial risk, poverty and pollution identified at the Central Economic Work Conference in December 2017.