China's top economic planning body, the National Development and Reform Commission, laid out its priorities for 2018 in a press conference early this morning. Xia Cheng has more on the highlights.  

China's economic planner explained what's behind the 6.5 percent GDP growth target on Tuesday, just a day after the release of the government work report. The NDRC admitted that gray rhino event risks persist. They include huge debt piles among local governments and corporates, and the potentially larger than expected scale of bad loans in banks. But the chairman of NDRC gave a rosy outlook on trade and investment.

HE LIFENG CHAIRMAN, NATIONAL DEV'T AND REFORM COMMISSION "We expect more balanced investments this year, and higher investments going into the real economy. We also encourage private investments. Overall, investment will bring one-third of the economic output. On trade, as long as the global economy continues to recover, China's trade growth will continue to be stable, contributing 8 percent to 9 percent GDP."

China needs solid economic fundamentals to buffer the short-term economic shock from the deleveraging drive. China wants the extra debt out of the economy, and those overly borrowed companies to stay put. Meanwhile, the NDRC says foreign investment is a crucial part of China's economic performance.

NING JIZHE VICE CHAIRMAN, NATIONAL DEV'T AND REFORM COMMISSION "China will give fair treatment to foreign investors participating in the made in China 2025 project, and those who are bidding for technology businesses and government purchasing programs.

XIA CHENG BEIJING ABOUT MARKET OPENING UP AND MANUFACTURING TO BE FULLY OPENED

"Whatever measures put forward, the main goal for China is to boost quality growth. The NDRC plans to cut 150 million tonnes of extra coal production capacity this year, two years ahead of the schedule. It also wants to experiment top quality control in the new Xiong'an economic zone just outside of Beijing."

HE LIFENG CHAIRMAN, NATIONAL DEV'T AND REFORM COMMISSION "We will apply existing reforms in Xiong'an, to form a quality control mechanism for Xiong'an on the planning, construction and operation of local projects. We will also promote that quality measurement nationwide."