China will maintain its economic operation within a reasonable range and create a good start for economic development for the first quarter of 2019, said Ning Jizhe, Deputy Chairman of China's top economic advisory body - National Development and Reform Commission (NDRC) at a press conference held on Jan 7.
(File photo: VCG)
Ning noted that thanks to the continuous growth of resident income, China has witnessed expanding and upgrading consumption. In this regard, the country will give a larger role to consumption in economic development, Ning disclosed.
To be specific, China will issue measures to stabilize consumption of hot-spot commodities such as automobiles and home appliances, as well as supporting policies to improve house rental, housekeeping services, elderly care and child care. In addition, the country will also dig into the potential of rural e-commerce and tourism, and remove institutional obstacles for the access to culture and sports industries.
Ning remarked that China has a population of nearly 1.4 billion, 400 million of which are middle-income earners. The country will keep deepening reform of income distribution so as to enhance consumption power of residents, he said.
Speaking of investment, Ning remarked that to increase effective investment to bolster areas of weakness is a major task of the supply side structural reform this year. Relocation projects for poverty alleviation, affordable housing projects, major infrastructure projects, as well as structural adjustment and innovation-driven development are all major areas of investment, Ning said.
Ning said that China will further expand its openness, optimize its environment of foreign investment utilization, and accelerate the implementation of major foreign-invested projects. In addition, the country will further implement its negative lists and comprehensively remove the barriers for foreign investment access in non-restricted sectors.
When asked the focus of the NDRC in promoting balanced development among regions, Ning introduced that China will firmly implement major regional development strategies, and make Beijing-Tianjin-Hebei region, Guangdong-Hong Kong-Marco Greater Bay Area, and the Yangtze River delta into important powers that drive high-quality development.
(Compiled by Sun Wenyu)