China needs to urgently transform its economy: cabinet think-tank
[BEIJING] China urgently needs to transform its economy by implementing supply-side and structural reforms, the vice head of China's cabinet think-tank said on Monday.
"If old ways continue, not only will investment rates continue to fall and debt continue to rise, but financial risks will also increase," Wang Yiming, deputy director of the Development Research Centre of the State Council wrote in the ruling Communist Party's official newspaper, People's Daily.
The country needs to reduce the supply of ineffective and low-end products and increase supply of efficient, middle and high-end products, he wrote.
China needs to focus on structural reforms including reducing government bureaucracy, and reforming state-owned enterprises, as well as the fiscal, tax and financial systems, he added.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
China says Hamas and Fatah express will for reconciliation
US consumer confidence at lowest level since 2022
Record gold prices boost recycling: WGC
Malaysian fast food operator QSR shelves IPO plans amid boycott campaign: sources
WHO warns of bird flu risk spreading to cows outside US
Sri Lanka’s key inflation rate rises to 1.5% in April