BRI NEWS Eight ways Xi Jinping Thought could change China's economy

BRI NEWS

Eight ways Xi Jinping Thought could change China's economy

Bloomberg | Bloomberg

21:29, October 25, 2017

The Communist Party of China has added President Xi Jinping’s initiatives to its guiding principles, along with greater environmental protection and other quality-of-life issues.

Such additions to the constitution adopted Tuesday, alongside “Xi Jinping Thought on socialism with Chinese characteristics for a new era,” signal a shift toward more balanced development for the world’s second-largest economy. It comes after decades of focus on hitting growth targets delivered breakneck expansions accompanied by fouled air and water.

"Xi Thought increases the chances that China’s leaders will focus more on quality over quantity of growth next year," said Rob Subbaraman, chief economist for Asia ex-Japan at Nomura Holdings Inc in Singapore. He said he now has a "high conviction" leaders will lower the official economic growth target to 6 percent to 6.5 percent next year.

This year’s, set in March, calls for "GDP growth of around 6.5 percent, or higher if possible in practice." Economists surveyed by Bloomberg project 6.7 percent expansion this year will be followed by 6.4 percent in 2018.

Here are eight points from the plan that may shape how the economy evolves:

Principal Contradiction

Open Development

Better Quality

Decisive Role

Structural Reform

Lucid Waters

Belt and Road

Higher Standards

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