Economic growth to be kept stable next year
December 21, 2015 Category Macro-economy, Weekly
A meeting of the Chinese Communist Party’s Politburo pledged to keep the country’s economic growth rate within a “reasonable range” next year. This will be accomplished by stepping up supply-side reforms and pushing forward urbanization. China is aiming for an annual average growth of no less than 6.5% in the next five years. The government will promote mergers and acquisitions next year, as well as allowing strong companies to survive and weak ones to close under the principle of “survival of the fittest”. Premier Li Keqiang pledged recently to step up supply-side reforms to generate new growth engines in the economy while tackling factory overcapacity and so-called zombie companies. Huang Yiping, Economics Professor at Peking University, said zombie enterprises, which are unable to pay off their debts and cannot survive without outside support, are too big a drain on financial and labor resources and constrain economic growth. According to Wang Hui, Professor of Urban Economy and Public Administration at the Capital University of Economics and Business in Beijing, settling migrant workers and their families in cities would top the agenda at the Central Economic Work Conference, which was held from December 18 till 20.
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