China to Focus on Quality and Efficiency Ahead of Speedy Economic Growth

Over the weekend, Chinese top leaders agreed to take enhancing quality and efficiency of economic growth as the central task during the next year at the two-day central economic work conference.

It marks the first time that quality and efficiency, rather than speed, are center-staged in China’s economic growth.

This echoes the earlier remarks of Xi Jinping, newly-elected general secretary of the Communist Party of China Central Committee, who emphasized that economic growth must be concrete and unadulterated, with benefits, quality and sustainability.

It also marks a major shift of the country’s central task from solely pursuing economic growth speed to paying more attention to the fitness of its economy.

The key points from the conference include transforming the growth pattern through expanding domestic demand, eliminating imbalances in development through structural adjustments and achieving sustainable and stable social progress through reforms in key sectors.

Unadulterated growth, as was stressed by Xi, not only refers to abandoning exaggerated statistics, but also indicates a growth that needs no sacrifices of the environment, overlapping construction and high resources cost.

So far, China’s efforts in transforming growth pattern has paid off. Official data showed that domestic demand contributed 105 percent of the economic growth in the first three quarters of this year, and 55 percent of domestic demand comes from consumption.

via Xinhua

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