Highlights of NDRC press conference

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‍China will continue to cut capacity in its steel industry, push forward with economic reforms and opening up to foreign companies, said State planners Saturday.

The National Development and Reform Commission held a press conference during the 19th party congress and for 100 minutes they sounded an upbeat note.

Around 1,500 reform initiatives from reducing excess industrial capacity, costs and debt have been implemented in the last five years, said the panel.

Steel capacity has been cut by over 100 million tons as the whole economy gets an overhaul.

Xinhua Photo

He Lifeng, chairman of NDRC told the press, "We are transforming and upgrading traditional industries in China. We encourage technological innovation. New business like e-commerce is booming. ”

Looking to the future of innovation, state planners highlighted the tech sector, saying China was now home to a third of global so-called unicorn companies.

But progress must be made in other areas, they warned. Like in bringing more private capital and thinking into the public sector.

Emphasizing an economy of quality over quantity the National Development and reform commission also confirmed there would be room for more foreign investment and market share, vice chairman of the Commission Ning Jizhe said.

“Central Committee of CPC with General Secretary Xi Jinping as its core pays high attention to opening up. China is consistently expanding the scope and depth of opening up and promoting reform accordingly.”

As well as saying there would be more opening up to foreign companies, China is promising a level playing field for foreign companies while operating in China -many foreign firms say that has not always been the case ....the world will be watching

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