The National Development and Reform Commission (NDRC), China’s top economic planning agency, has urged the Guangdong government to push forward market reforms and resolve industry oversupply issues in the province.
Guangdong needs to boost the efficiency of its industries further to enhance the province’s competitiveness, NDRC vice-chairman Liu He (劉鶴) said, according to the Hong Kong Economic Journal.
As the country is facing challenges amid a slowing economy, industrial powerhouses such as Guangdong must speed up reforms, liberalization and innovation to boost growth and ensure a better future, Liu was quoted as saying during a visit to the province.
Liu, who is a minister of the office of the central leading group on financial and economic affairs, said authorities must promote reforms in the traditional manufacturing sector while also developing emerging industries and services in order to boost the real economy.
During the trip, Liu enquired about structural changes made by Guangdong in resources allocation in relation to industrial upgrades.
The minister called on the province to step up efforts on managing social expectations, protection of property ownership and intellectual property rights.
The provincial government was also urged to improve the legal regime to help boost commercial activities.
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