Xi’s call to boost supply-side reform
Print Edition
PRESIDENT Xi Jinping has called for “unswerving efforts” to advance supply-side structural reform, commanding local authorities and various departments to come up with policies to support the campaign.
There may be difficulties and risks, but local authorities should not shy from the task, Xi said at a meeting of the Central Leading Group for Financial and Economic Affairs yesterday.
After hearing reports on reform efforts from Jiangsu, Chongqing, Hebei and Shenzhen, Xi acknowledged some of the plans are bearing fruit.
“But some policies need to be studied further, and some regions have not yet taken effective action,” he said.
Local governments are busy making and releasing detailed measures to implement supply-side structural reform as authorities bid to counter ongoing economic headwinds and address issues such as excess capacity, housing overhang, and state-owned enterprises with poor profitability.
Xi reiterated the focus should be on measures to cut excessive industrial capacity, destock, de-leverage, lower corporate costs and improve weak links.
The ultimate aim of the reform is to improve supply quality and reduce “ineffective” supply, which is essentially about deepening reforms in SOEs, transforming government functions and carrying out overhauls of areas such as pricing, taxation, finance and social security, he said.
The roles of the market and government should be put into better play to balance the reforms, he added. Xi also stressed efforts to expand the middle-income group, improve income distribution and strengthen intellectual property protection.
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