China plots economic recovery path, technological innovation a ‘matter of survival’ for Beijing
- Vice-Premier Liu He reflected on the key weakness of China’s economic system in a 6,500-word article published on Wednesday in the People’s Daily
- Xi Jinping’s key adviser also raised the possibility of further economic reforms, technological innovation and institutional high-level opening-up
Beijing has pinned its hopes on improving the quality of its economic development and technological innovation to steer the world’s second largest economy through uncharted waters and external turmoil, China’s economic tsar said on Wednesday.
In a 6,500-word article published by the ruling Communist Party’s flagship newspaper, the People’s Daily, Vice-Premier Liu He reflected on the key weakness of the country’s economic system.
Xi Jinping’s key adviser also raised the possibility of further economic reforms, technological innovation and institutional high-level opening-up to tackle stubborn problems in the latest comments by a senior official amid concerns over an economic slowdown.
We must emancipate our minds and use a pioneering spirit and professional attitude to promote reform and opening-up to make major breakthroughs in key areas and key links
“We need to strengthen market mechanisms, form healthy competition, reduce institutional transaction costs, and establish a unified, open, competitive and orderly high-standard market system,” said Liu.
“The reform tasks have become more complex and difficult in the new development stage. We must emancipate our minds and use a pioneering spirit and professional attitude to promote reform and opening-up to make major breakthroughs in key areas and key links.”
The comments by Liu, who has previously led several key reforms and the recent financial de-risking campaign, come at a time when China’s economic future is plagued by a variety of factors and headwinds.