China opens key economic meeting to plan for 2018

The Central Economic Work Conference opened Monday, as Chinese leaders began to review the country's economic performance in 2017 and make plans for 2018.

While reviewing the economic work during the past five years, the meeting will focus on implementing decisions at the 19th National Congress of the Communist Party of China and making arrangements for economic tasks in 2018, with high-quality development as a fundamental requirement.

Observers noted that the decisions to be made at the meeting will reflect China's new development concept featuring high-quality development.

Curbing major risks, eradicating poverty and pollution control would be the "three tough battles" for 2018, with substantial progress expected.

The economic agenda will focus on deepening supply-side reform, invigorating market participants, applying rural revitalization strategy, pushing coordinated rural-urban development and all-around opening up.

The work in the next year will also be aimed at helping improve people's living standard, building a housing mechanism with lasting effects, and supplying more high-quality ecological products.

China's GDP expanded 6.9 percent year on year in the first three quarters, above the government's target of around 6.5 percent for this year.

The economy has shown improving structures with new economy contributing over 10 percent to the overall growth, and the growth rate of residents' income outstripping the overall economic growth.

With an average growth of over 7 percent in the past 5 years, the Chinese economy contributed over 30 percent of global economic growth, seen as powerhouse and anchor of the global economy.

However, the world's second largest economy still faces complicated global environment and domestic structural conflicts, potential risks in the financial system, and disparities by industries and regions.

The International Monetary Fund (IMF) recently pointed out China's rapid build-up of credit and risky lending moving away from banks toward less-regulated parts of the financial system known as "shadow banking".

"The system's increasing complexity has sown financial stability risks," the IMF said, advising China to take measures such as strengthening of systemic risk oversight and improving regulation.

Source: Xinhua