China vows to clean up pollution, further open economy

AFP, BEIJING: China ended a major economic meeting yesterday, vowing to boost imports, open its markets and clean up noxious pollution.

The pledges were made at the annual Central Economic Work Conference, at which leaders review past policy and plan for the upcoming year.

The results of the three-day closed-door meeting were released by state news agency Xinhua.

This year’s meeting was set to focus on implementing the new economic direction President Xi Jinping outlined to the party congress in October, when he declared that China must shift from high-growth to high-quality development.

Xinhua’s reports on this week’s meeting made no mention of an official growth target for the year.

But earlier on yesterday a state think tank forecast growth slowing to 6.7 per cent in 2018, from 6.8 per cent this year.

The drive to boost imports and open China’s market further could damp down a brewing trade conflict with the United States.

“China vows to increase imports and cut import tariffs for some products to promote balanced trade,” Xinhua reported.

The meeting also stressed the need to “expand opening up to the outside world” and “substantially expand market access”, Xinhua reported.

Economic relations have been a particularly thorny issue under US President Donald Trump.

His administration has launched a record number of trade investigations of Chinese goods and added new tariffs to Chinese-made imports like aluminium foil and plywood.

The import drive is also a nod to the need to get China’s consumer class—the meeting noted that the country boasts the world’s largest middle class—to start spending at home.

China is counting on domestic consumption to help rebalance its economy away from the investment-heavy and export-dependent model that catapulted economic growth for four decades but has left it heavily in debt.

 

China vows to clean up pollution, further open economy

AFP, BEIJING: China ended a major economic meeting yesterday, vowing to boost imports, open its markets and clean up noxious pollution. The pledges were made at the annual Central Economic Work Conference, at which leaders review past policy and plan for the upcoming year. The results of the three-day closed-door meeting were released by state news agency Xinhua. This years meeting was set to focus on implementing the new economic direction President Xi Jinping outlined to the party congress in October, when he declared that China must shift from high-growth to high-quality development. Xinhuas reports on this weeks meeting made no mention of an official growth target for the year. But earlier on yesterday a state think tank forecast growth slowing to 6.7 per cent in 2018, from 6.8 per cent this year. The drive to boost imports and open Chinas market further could damp down a brewing trade conflict with the United States. China vows to increase imports and cut import tariffs for some products to promote balanced trade, Xinhua reported. The meeting also stressed the need to expand opening up to the outside world and substantially expand market access, Xinhua reported. Economic relations have been a particularly thorny issue under US President Donald Trump. His administration has launched a record number of trade investigations of Chinese goods and added new tariffs to Chinese-made imports like aluminium foil and plywood. The import drive is also a nod to the need to get Chinas consumer classthe meeting noted that the country boasts the worlds largest middle classto start spending at home. China is counting on domestic consumption to help rebalance its economy away from the investment-heavy and export-dependent model that catapulted economic growth for four decades but has left it heavily in debt.