China eyes quality economy in 2015

By Liu Zhiqiang ( People’s Daily)
BEIJING: Chinese Premier Li Keqiang said in the government work report on Thursday that China aims at a growth of 7 percent in 2015, while emphasizing stable growth and economic restructuring.
After that, Xu Shaoshi, head of the National Development and Reform Commission (NDRC), described the 2014 economic performance as “encountering more difficulties than expected, while achieving better than expected results.” Xu said the economy in 2015 may be slower but will keep the growing momentum, and the quality and efficiency will be enhanced in the meantime.
A department under the State Council, the NDRC is in charge of drafting and organizing long-term economic and social development strategies and yearly plans, and exercising macro-economic management.
Xu said the world economic situation was grim and complicated in 2014, while the downward pressure had existed in China the entire year. However, China managed to keep a stable growth, stable prices and stable employment. There were also new breakthroughs in reform and opening-up, new highlights in structural adjustment, as well as new improvement in people’s well-beings.
China reported a growth of 7.4 percent in 2014, the lowest in recent years. However, we should look at the situation from a developing and comprehensive point of view, Xu argued. The 7.4 percent growth is within a reasonable range, close to the planned target of about 7.5 percent. It is still one of the fastest growth rate, Xu said.
The volume of the economy is getting bigger and the quality of the economic growth has increased, which is reflected in the greater performance in service industry than manufacturing, and the greater contribution from consumption than from investment, Xu added.
Looking at the economic outlook in 2015, the NDRC head said although the domestic and international economies still face great pressure, China’s economy has great resilience, potential and strong foundations. As new industries gain momentum, there is greater space for economic adjustment.
“We are confident that we have the ability to keep the economic momentum despite of slowdown, while raising quality and efficiency,” Xu said.