Efforts to boost high-quality growth 
2019-08-29
Eyeing huge potential of China’s economic growth, the country’s policymakers have made precise arrangements for high-quality development, amid measures to further boost consumption.
Efforts will be made to improve regional economic planning featuring complementary advantages and high-quality development and to upgrade basic industries and industrial chains, according to the fifth meeting of the Central Committee for Financial and Economic Affairs.
“China’s current regional development is doing well, while the structure of economic development is undergoing profound changes, and central cities and city clusters are becoming the major vessels for development,” the meeting said.
Facing mounting risks and challenges both at home and abroad, China has seen the in-depth implementation of its coordinated regional development strategy, with efforts to drive the development of the Beijing-Tianjin-Hebei region, the Yangtze Economic Belt and the Guangdong-Hong Kong-Macau Greater Bay Area.
In its latest strategic move to further open up the economy and balance regional development, China unveiled a master plan for six new pilot free trade zones, located in the provincial-level regions of Shandong, Jiangsu, Guangxi, Hebei, Yunnan and Heilongjiang.
Analysts believed that with constant optimization of the regional structure, the efficiency of resource allocation has been improved in an all-round way, leading to faster formation of the driving force for high-quality development.
The move will further unleash China’s growth potential and invigorate the driving force of economic development, laying a solid ground for sustainable growth of the economy, said Xu Hongcai of the China Association of Policy Science.
To upgrade China’s industrial base and modernize its industrial chain, the meeting on Tuesday also called for efforts to combine government guidance and the market mechanism as well as to facilitate independence and opening-up.
More support is needed to strengthen industry collaboration and technological cooperation between upstream and downstream enterprises, in a bid to establish strategic industrial chains with more resilience, innovation and higher added value.
The world’s largest manufacturer and the only country owning all industrial categories worldwide reported upbeat data in July although downward pressure remains.
The profits of China’s major industrial firms rose 2.6 percent year on year in July.
