Central government's key economic conference to put focus on reform
Central government's key economic conference to put reform at its centre even as economists warn this will bring a slowdown in growth
The central government's key annual economic planning conference began with a call for deeper reform, even as economists warned that any meaningful changes would mean slower short-term growth.
The two-day Central Economic Work Conference would prioritise quality economic development over the pace of growth, Xinhua reported, citing economists from the Chinese Academy of Social Sciences.
The central government would work to assure economic stability, expand domestic demand and speed up economic restructuring.
The policy-setting meeting in Beijing has drawn particular attention this year, coming on the heels of a once-in-a-decade reshuffle that saw Xi Jinping installed as leader of the ruling Communist Party.
During a tour of Guangdong province last week, Xi stressed the need for comprehensive and systemic economic reform, something that he said required courage, toughness and realism, according to Xinhua.
"It is very difficult for the Chinese government to embrace this adjustment with lower GDP growth," said Patrick Chovanec, a professor at Tsinghua University's School of Economics and Management. "The real test is whether they are willing to embrace the lower growth that goes with reform."