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China Focus: Xi steers Chinese economy toward high-quality development

By Source:Xinhua 2017-12-21

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Chinese President Xi Jinping addresses the Central Economic Work Conference in Beijing, capital of China. The conference was held in Beijing from Dec. 18 to 20. (Xinhua/Xie Huanchi)

The world's second-largest economy is setting sail toward a new phase of development with Xi Jinping at the helm.

The Chinese economy will focus on quality, a shift from the rapid growth the country has been known for over the past decades since the reform and opening up policy was introduced.

At the country's most important annual meeting on economic work, senior leaders said China's economy will be characterized by more innovative manufacturing, a more secure financial system, a more open and green economy, more affordable housing and better life for the people.

To achieve the goal, Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era will be the key, said a statement released after the Central Economic Work Conference concluded Wednesday.

The three-day conference was attended by President Xi, who is also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission.

This year's Central Economic Work Conference came after the CPC's twice-a-decade national congress in October, which drew a blueprint for China's development over the next 30-plus years.

The conference, which reviewed China's economic performance over the past five years and mapped out plans for 2018, was special also because 2018 marks the 40th anniversary of China's reform and opening up policy, which has turned the country into the world's second-largest economy.

China's economy is firming, with its GDP expanding 6.9 percent year on year in the first three quarters, and 6.8 percent in the third quarter, the ninth straight quarter for China to see economic growth of at least 6.7 percent, all adding to evidence the economy is on a steady footing.

The World Bank on Tuesday raised its forecast for China's economic growth in 2017 to 6.8 percent, up from the 6.7 percent it projected in October, citing stronger personal consumption and foreign trade.

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