Business
20:42, 06-Mar-2018
NDRC gives bullish trade outlook, may fully open manufacturing sector
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China's economic planner explained the factors behind 6.5-percent GDP growth target on Tuesday, a day after the release of the government work report.
The National Development and Reform Commission (NDRC) admitted that gray rhino event risks persist, but gave a rosy outlook on trade and investment.
“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,” said He Lifeng, chairman of the NDRC.
He Lifeng, chairman of the National Development and Reform Commission, speaks during a press conference at the annual National People's Congress (NPC) in Beijing, March 6, 2018. /AFP Photo
He Lifeng, chairman of the National Development and Reform Commission, speaks during a press conference at the annual National People's Congress (NPC) in Beijing, March 6, 2018. /AFP Photo
On trade, the chairman said that as long as the global economy continues to recover, China's trade growth will continue to be stable, contributing eight to nine percent to GDP.
China needs solid economic fundamentals to buffer the short-term economic shock from the deleveraging drive. The country wants the extra debt out of the economy, and those overly borrowed companies to stay put.
The NDRC said foreign investment is a crucial part of China's economic performance. NDRC's Vice Chairman of Ning Jizhe said China would 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.
“In 2018, China will expand the use of the negative list for foreign investors nationwide in the free trade zones,” Ning noted.
The primary goal for the country is to boost quality growth.
The NDRC plans to cut 150 million tonnes of extra coal production capacity this year, two years ahead of schedule. It also wants to experiment with top quality control in the Xiongan new area.
“We will apply existing reforms in Xiongan, to form a quality control mechanism for Xiongan on the planning, construction and operation of local projects. We will also promote that quality measurement nationwide,” He said.