More proactive reforms to invigorate growth

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Workers work at an assembly line of Voyah, a Chinese luxury electric auto brand, in Wuhan, central China's Hubei Province, April 1, 2024. [Photo/Xinhua]

China is set to make further moves to deepen economic structural reforms in fields such as technological innovation and industrial transformation, in a bid to foster new quality productive forces and advance Chinese modernization, experts said on Wednesday.

Experts said the move came as the country scrambles to tackle issues hindering the steady economic growth and accelerate growth model changes, which will help create new growth drivers, stimulate market vitality and inject strong impetus into the world's second-largest economy.

Their remarks came after the country's top economic regulator said the country will speed up the implementation of deepening reform of the economic structure and build a high-level socialist market economic system.

In an article published last week in Qiushi Journal, the flagship magazine of the Communist Party of China Central Committee, the National Development and Reform Commission said the focus will be placed on fields including the building of a high-standard market system, removing obstacles and difficulties in the development of new quality productive forces, building a higher-level open economic system, intensifying reform efforts in areas relative to people's livelihoods and strengthening economic security capabilities.

"The key tasks mapped out in the article showcase the country's strong commitment to fostering high-quality development, especially in fields including environmental protection, improving people's well-being and boosting economic security," said Liu Dian, a researcher at the China Institute of Fudan University.

As the broader economy is still facing pressures from still-weak demand and confidence, Liu said the reform efforts will significantly stimulate endogenous dynamics through institutional innovation, break barriers hindering smooth economic circulation and bolster market confidence.

According to a meeting of the Political Bureau of the CPC Central Committee held in late April, the third plenary session of the 20th CPC Central Committee to be held in Beijing in July will focus on further deepening reforms and promoting the modernization of China amid challenges at home and complexities abroad.

Liu said he believes the policy focus will remain on enhancing technological innovation, driving industrial transformation and deepening fiscal and tax system reforms.

"Technological innovation serves as the growth engine of the new development stage and is crucial for enhancing national competitiveness," he said. "I expect to see increasing support for basic research and making breakthroughs in key technologies, along with reforms in incentive mechanisms."

On the industrial transformation side, he said reforms may involve upgrading traditional industries, supporting emerging sectors as well as developing the digital economy, intelligent manufacturing and green economy. Liu added that fiscal system reforms may focus on optimizing the tax system, reducing burdens on enterprises, optimizing the expenditure structure, promoting fairness and enhancing market vitality.

His views were echoed by Liu Xueyan, director of the Macroeconomic Situation Research Office at the Chinese Academy of Macroeconomic Research, who said the July meeting will focus on reforms in fields like advancing Chinese modernization, boosting the digital economy and fostering new quality productive forces.

She said key topics may also include boosting the development of the private sector, building a unified national market, and enhancing financial system reforms and reforms related to expanding opening-up.

Looking ahead, Wang Peng, a researcher at the Beijing Academy of Social Sciences, said more efforts should be made to cultivate new quality productive forces and optimize the business environment.

"It is advisable for the government to increase financial support, offer tax incentives to enhance technological innovation and promote industrial upgrading," Wang said.

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