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14 Nov, 2015

Chinese leader vows faster economic structural reform

BEIJING, Nov. 10 (Xinhua) — China will accelerate economic structural reform on the supply front to lend more steam to sustainable growth, President Xi Jinping said Tuesday.

Proactive fiscal policy and prudent monetary policy will be applied to offer a stable macro environment for economic restructuring, Xi told a meeting of the Central Leading Group for Financial and Economic Affairs.

“The government should come up with targeted industrial policies to support the real economy and improve market conditions to give full play to the potential of firms and consumers,” he said.

Promoting mergers and acquisitions to reduce overcapacity, lowering business costs for firms, destocking the property market and building a stock market with sound financing functions, mechanisms, regulation and investor rights protection are the key tasks for the government, according to the president.

Xi also called for better city design and management as well as the protection of historical buildings along with urbanization.

Xi presses reform, innovation

BEIJING, Nov. 9 (Xinhua) — President Xi Jinping called for more reform and innovation on Monday as the country prepares to enter its 13th Five-year Plan period.

“Reform and development have achieved a high degree of integration. Further development needs to be based on reforms while progress in reforms gives a strong impetus for development,” Xi said during the 18th meeting of the central leading group for comprehensively deepening reform.

The spirit of reform and innovation must be strengthened and the country’s governance system shall be modernized, said Xi, who also heads the leading group.