China Stresses Economic Restructuring in Promoting Growth

Anchor: National Development and Reform Commission, the country's top economic planner, has said China must emphasize economic restructuring while aiming for greater economic growth.Our reporter Zhangcheng has more.

In a report delivered to China's top legislature on Tuesday, Zhang Ping, minister of the NDRC, said China's economic recovery is still unstable, unconsolidated and unbalanced despite "positive changes" in the economy.

"Falling exports have dealt a heavy blow to the national economy, and external demand remains weak. Some industries and enterprises are experiencing hard times, and it will be difficult for farmers to see an increase in their income in the short run. Some challenges such as industrial restructuring and energy conservation are great, and employment pressure is immense."

Zhang Ping said in the current economic situation, an acceleration in the transition of the country's growth model and structural readjustment is directly linked to China's ability to stand out amid increasingly fierce global competition, achieve sustainable development, and maintain social stability in the long run.

"The country should continue to promote economic restructuring and change its growth model while it strives to maintain a high growth rate. The government will continue to conserve energy and curb emissions and pollutants. Meanwhile, it will focus on narrowing the income gap between urban and rural residents and between western and eastern regions in a bid to expand domestic consumption."

The minister said the government is urging firms to innovate key technologies and has pledged to give them financial support.

According to the report, consumer spending contributed more than 53 percent to the country's gross domestic product in the first half of the year, up from nearly 46 percent a year before, as the government shifted to expand domestic consumption to fuel economic growth.

Zhang said the government will maintain its macroeconomic policies to further boost domestic demand, promote industrial restructuring and improve social security.

Zhang Cheng, CRI News.