China will further its supply-side structural reform in the coming year with more efforts to improve economic quality, according to a tone-setting economic meeting.
There will be a shift from ‘Made in China’ to ‘Created in China,’ said a statement released on Dec 20 after the annual Central Economic Work Conference. China will emphasize quality rather than speed, with a goal of developing from quantity to quality in manufacturing.
Reforms on resource allocation will be pushed forward, with measures to eliminate ineffective supply, support innovative businesses and reduce costs in the real economy.
The work of dealing with ‘zombie enterprises’ was underscored to dissolve excess industrial capacity.
China will actively foster new growth drivers by promoting technological innovation, restructuring traditional sectors, helping businesses innovate and pressing ahead with military-civilian integration.
Business burdens will be relieved through fewer government-imposed transaction costs and administrative charges. Energy and logistics expenditures will also be reduced by reforms in the power, oil and natural gas, and railway sectors.
Source: The Central People’s Government of the People’s Republic of China