President Xi Jinping said the country’s
emphasis next year will be on supply-side reform, or a package of
supply-side policies to release new demand and boost new productivity,
the Global Times reported.
He was speaking on Monday at the
conclusion of the Central Economic Work Conference, which was held along
with the Central Urban Work Conference.
Economists said this means that China
will no longer seek to fuel economic growth solely by using fiscal and
monetary measures to boost capital investment, consumption and exports.
Instead, the government will be more
focused on devising policies which, from the supply side, are aimed at
helping the industries it wants to support. Outdated businesses will
also be phased out.
The Central Economic Work Conference has
pledged to launch a series of policies next year that have been
discussed for a long time, including more tax cuts, incentives for
specific industries, regulatory reforms and more aid to lift people out
of poverty.
