Chinese economy moving in new direction
Xi Jinping delivered a report to the opening of the 19th National Congress of the Communist Party of China (CPC) on Wednesday. In an interview with Sino-US.com, Xiong Yuan, a senior researcher with Pangoal Institution, a China-based policy think tank, said that the report has also pointed out China’s economic developing direction for the next few years to come. Below is an excerpt of the interview: 
 
There are several special wordings in the 19th Party Congress report: “Socialism with Chinese characteristics has entered a new era.” “China's economy has been transitioning from a phase of rapid growth to a stage of high-quality development.” “The principal contradiction facing the Chinese society has evolved to be that between unbalanced and inadequate development and the people's ever-growing needs for a better life.”
 
Such new wordings show that China’s economic development direction has been changed into a new one, instead of only focusing on the “growth” target. Firstly, China would continue to deepen its supply-side reform, strengthen the development of real economy, and further control financial risk by cutting excessive industrial capacity, deleveraging, lowering corporate costs and improving weak links. Secondly, a new round of “industrial revolution” which focuses on high-end and advanced manufacturing, Internet, Big Data as well as Artificial Intelligence would be started. Thirdly, the development of rural areas will be further promoted. Fourthly, regional development strategy which involves the development of Xiong’an New Area and Belt and Road Initiative will be brought into a new stage. 
 
Besides, the report also emphasizes curbing financial risks by enhancing supervision and preventing potential risks and bubbles. 
 
The opening of the 19th CPC National Congress on Wednesday also triggered a wave on the capital market with several stocks concerning medical, free trade zone, rural development, military as well as technology rising in reaction to the report. 
 
As the report also put emphasis on environmental and ecological development, noting that ecological and environmental protection would be a precondition of China’s economic development in the next few years.
 
 
Xiong Yuan is a senior researcher with Pangoal Institution, a China-based policy think tank. 

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