Date
18 December 2017
China's emphasis is expected to shift from the quantity of economic growth to quality. Photo: Bloomberg
China's emphasis is expected to shift from the quantity of economic growth to quality. Photo: Bloomberg

China to focus on quality of growth, step up reforms

China will strive to improve the quality of economic growth and speed up reforms next year, Ming Pao Daily reported Wednesday.

Those are among the themes of the Central Economic Work Conference being held in Beijing, it said. 

The three-day conference, which started Tuesday, will roll out plans to promote regional economic development as a new engine for overall growth, the report said.

Tianjin, Guangdong and Fujian are expected to be approved as new free trade zones, following Shanghai.

Further progress is expected after the closed-door conference in building the Silk Road Economic Belt and the 21st Century Maritime Silk Road, as well as initiatives for the coordinated development of the Beijing-Tianjin-Hebei region, the newspaper said.

Reforms on tax and rural land transfer will also be accelerated next year.

Sun Lijian, deputy director of the Economic Institute at Shanghai’s Fudan University, was quoted as saying China will no longer emphasize growth figures but focus on the quality of growth.

He said he expects the central government to set an economic growth target of about 7 percent for 2015.

The government will continue its proactive fiscal policy and stable monetary policy, will not roll out a large-scale stimulus package and will launch more measures to improve education, pensions, medical care and housing, Sun said.

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