China will focus on boosting economic growth quality and efficiency in 2015 and stick to the theme of seeking progress while maintaining stability, according to a high-level meeting of the Communist Party of China (CPC) on Friday.
China will adapt to the economic "new normal," keep economic growth within a reasonable range and emphasize growth mode transformation and economic restructuring, said a statement issued after the meeting of the Political Bureau of the CPC Central Committee.
The meeting, chaired by General Secretary of the CPC Central Committee Xi Jinping, focused on next year's economic work.
Gao Peiyong, an analyst with the Chinese Academy of Social Sciences, said that the decision-makers are adjusting accordingly to the changes in China's current economic situation.
It is normal for the Chinese economy to shift from high-speed growth to moderate-to-high-speed growth, and the shift is in line with the government's strategy, said Wang Jun, a researcher at the China Center for International Economic Exchange.
To ensure continuous and healthy economic growth as well as social harmony and stability, the country will work to make reform breakthroughs, pursue innovation-driven growth, boost risk controls and guarantee people's livelihood, the document said.
Zhang Zhanbin, an expert with the Chinese Academy of Governance, said these statements showed the "determination and confidence" of the central government in actively adapting to the economic "new normal."
It is important to ensure the economy runs well in 2015, as it is the final year of China's 12th Five-year Plan (2011-2015) for economic and social development, a crucial year for deepening reforms, and the first year of promoting rule of law in an overall way, the statement said.
In 2014, China achieved continuous and stable economic and social growth, as well as a good overall economic situation, through deepening reform, ensuring consistent and stable macro economic policies, innovating macro control strategies and methods, and carrying out targeted policy fine-tuning, it said.
These can provide favorable conditions for the economy to achieve sustained and healthy development in the coming years, but some trends have posed challenges for the economy and society and should be handled properly, it said.
The meeting stressed that China will keep a balance between stable growth and restructuring, while sticking to the overall strategy of consistent macro policies, flexible micro policies and supportive social policies. The country will maintain the consistency and stability of its macro policies and continue with its active fiscal policies and stable monetary policies.
Zhang Yansheng, secretary-general of the academic committee at the National Development and Reform Commission, said stable economic growth is the foundation for economic restructuring, as well as for employment and people's livelihood.
Zhang Liqun, a researcher with the Development Research Center of the State Council, said economic transformation is a key choice for China's economy under the economic "new normal" situation and the country should further emphasize growth mode transformation and economic restructuring.
China will promote the synchronized development of new industrialization, informatization, urbanization and agricultural modernization, give a bigger role to new industries and the service industry, and upgrade traditional sectors, the statement said.
China will encourage entrepreneurship and innovation among the public, and cultivate new growth points, it added.
The country will stabilize the output of grains and other key agricultural products and step up transformation of agricultural growth modes, it said.
While sticking to the strategy of boosting overall regional growth, China will further implement the "Belt and Road Initiatives" and coordinated growth of Beijing, Tianjin and Hebei Province, as well as construction of the Yangtze River economic belt, it said.
China will continue with its efforts on urbanization, saving energy, cutting carbon and environmental protection, it said.
The country will improve people's livelihood, ensure subsistence for the disadvantaged, take care of low-income people and highlight work on employment and fighting poverty, it said.
China will continue with its economic system reforms and ensure the implementation of such reforms, the statement said.
The country will help unleash domestic demand, balance imports and exports, balance overseas investment and outgoing investment, and achieve a rough balance of international payments, it said.
