BEIJING: China’s recent move to deepen economic structural reform is an attempt to cultivate new quality productive forces and foster high-quality development in the long run, offering increasing growth opportunities for stakeholders both at home and abroad, said experts and entrepreneurs.
They said that China’s pro-reform efforts will mainly focus on key areas including technological innovation and industrial upgrading, which will help resolve economic woes, create new growth drivers and inject strong impetus into the world’s second-largest economy. Their comments came after President Xi Jinping said in late May that reform should originate from real needs and address the most urgent issues to improve the socialist market economy, with the president calling for efforts to deepen theoretical innovation and promote institutional innovation during the process of solving practical problems.
“Deepening reform, particularly institutional reform, will help remove obstacles and difficulties hindering the development of new quality productive forces, and promote optimal allocation and free flow of production factors including capital, technology and labor,” said Liu Quanhong, director of the industrial and technological economics research institute of the Chinese Academy of Macroeconomic Research.
Liu Dian, a researcher at the China Institute of Fudan University, said that China’s economy is currently grappling with still-weak demand, prompting calls for further economic structural reform. “The imperative of such reform lies in igniting internal dynamics through institutional innovation, breaking barriers to economic circulation, and restoring market confidence.” He noted that China is facing bottlenecks in its path to high-quality development, such as slow progress in industrial upgrading and overcapacity in some sectors, alongside inadequate high-end supply. –The Daily Mail-China Daily news exchange item
