15:34, 25-Jan-2018
World Economic Forum 2018: China reveals top-level planning of economic policy
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In Davos, senior Chinese official Liu He talked about the direction of the Chinese economy in the coming years. In his speech, Liu stressed the need to shift the Chinese economy from a phase of rapid growth to the one of high-quality development. And the transition will create huge opportunities for many new industries
He said the priority at the moment, is to cut excess capacity where necessary, reduce inventory in the housing sector, bring down the overall leverage ratio, lower costs across the board, and strengthen the weak links in the economy.
Liu also said China has to fight three critical battles in the next few years -- risk prevention, poverty reduction and pollution control. Liu also pledged that China will open wider to the world across the board.