The just-concluded central economic meeting in China highlighted the new concept of development and high-quality development, two engines which will help the country weather economic downturns, said Professor Chen Yuyu of Peking University on Friday.
The meeting has sent clear and active signals about the next plans of the year 2020, which is a milestone for achieving poverty-reduction targets and the first centennial goals — completing the building of a moderately prosperous society in all respects.
Over the past few years, China has adopted multiple measures to inject impetus into economy, including slicing tax and fees, improving the business environment and conducting prudent monetary policy.
The deepening-reform efforts in next year will intensify with more fresh practices, as indicated in the meeting, said Chen, in order to energize economic systems and encourage people to pursue a better life.
Reforming state-owned enterprises is a priority, while at the same time protecting and boosting mid-and-small-sized firms by improving legal systems.
Apart from that, there will be more moves to further broaden China's open door policy, and foreign companies will be treated more fairly. Persistant open economic growth benefits people, said Chen.
Another key arrangement lies in financial risk prevention and deleveraging debt, two approaches that have seen positive outcomes previously. The extent of finance reform will be broadened to better serve China's private and tiny firms.
(Compiled by Bai Yuanqi)