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Political advisors express faith in China's economic prospects

2019-03-10 10:01:00 Source:Xinhua Author:
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BEIJING, March 9 (Xinhua) -- National political advisors on Saturday expressed strong faith in China's economic prospects.

Members of the 13th Chinese People's Political Consultation Conference (CPPCC) National Committee gathered for a plenary meeting during the annual session, where some spoke on the country's economy and other issues.

Yang Weimin, deputy director of the economic committee of the CPPCC national committee, said although China's economy faces downward pressure, the sound long-term economic fundamentals have not changed.

Lin Yifu, another deputy director of the economic committee, said he would cast "a vote of confidence" for the Chinese economy. "Although the growth rate has declined, the quality of growth has significantly improved."

According to Lin, a lot of countries have underlined the importance of structural reform since the international financial crisis, but few have taken real action. China, however, has introduced its supply-side structural reform with tasks to cut overcapacity and excess housing inventory, deleverage, lower costs and strengthen areas of weakness.

Li Daokui, another national political advisor and an economist with Tsinghua University, called for unflinching faith in the country's economy, saying that the challenges today are "growing pains."

Facing these challenges, the country should stay composed and open minded, further strengthen reforms, and continue to consolidate the foundation of economic development, he said.

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