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Vice-premier calls for positive adjustments to ‘new normal’

Updated: Mar 22,2015 4:37 PM     english.gov.cn/Xinhua

Vice-Premier Zhang Gaoli addresses the opening ceremony of the China Development Forum 2015 held at the Diaoyutai State Guesthouse in Beijing on March 22.[Photo by Feng Yongbin / chinadaily.com.cn]

SPECIAL COVERAGE: NEW NORMAL, STEADY GROWTH

Vice-Premier Zhang Gaoli calls for positive adjustments to the “new normal” and lead the Chinese economy into a new era during the China Development Forum 2015 on March 22 in Beijing.

Vice-Premier Zhang Gaoli gives a speech at China Development Forum 2015, March 22.[Photo by Feng Yongbin / chinadaily.com.cn]

“New normal” calls for new thinking and new measures, Zhang said at the opening ceremony of the State Council-backed forum. He promised that China will deepen reform to unleash, to the greatest extent, new growth vitality from entrepreneurship, innovation and creativity, while speeding up the formation of new engines for maintaining a medium-high level of economic growth rate.

Vice-Premier Zhang Gaoli greets former US secretary of state Henry Kissinger at China Development Forum 2015, March 22.[Photo by Feng Yongbin / chinadaily.com.cn]

Mass entrepreneurship and innovation, paired with increased supplies of public goods and services will serve as twin engines of the country’s development, Zhang said.

Exemplifying the country’s services sector grew faster than the industrial sector in January and February, the high-tech industry grew faster than the industry as a whole and private investment grew faster than other investments, Zhang said, in 2014, China’s spending on research and development totaled 1.33 trillion yuan ($214 billion), accounting for 2.9 percent of the GDP.

Vice-Premier Zhang Gaoli and former US secretary of state Henry Kissinger enter the venue of China Development Forum 2015, March 22.[Photo by Feng Yongbin / chinadaily.com.cn]

The vice-premier also highlighted the role of opening up to the outside world, saying it is a major way for achieving continuous prosperity of the Chinese economy and also an inevitable requirement for China and a great opportunity which the rest of the world could share.

China will explore new moves to make its economy more open and create a stable, fair, transparent and predictable business environment, he said.

China’s proposals to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road, known as the “Belt and Road” initiatives, and set up the Asian Infrastructure Investment Bank and the Silk Road Fund have been met with positive responses from a number of countries, he said.

All countries are welcome to join in the building of “the Belt and the Road” so as to achieve mutually beneficial cooperation and common development, Zhang said.

The forum, which is being held from March 22 to March 23, focuses on this year’s economy development of China which is under increasing downward pressure.

Following are some of the highlights of Zhang’s speech:

-- Development remains China’s top task in the New Normal and the country will stay committed to economic development as its central task.

-- China’s traditional growth is no longer sustainable in the New Normal and must improve the quality and efficiency of economic growth.

-- China’s development in the New Normal is still in the important period of strategic opportunities and the country will achieve sustained and healthy growth.

The New Normal calls for new thinking and new action. Therefore, China should:

-- Deepen reform and unleash new creativity for mass entrepreneurship and innovations.

-- Strengthen innovation-driven development and foster new impetus for sustaining medium-to-high growth rate.

-- Improve spatial layout and foster new economic growth poles and economic belts.

-- Always put people first and meet their new expectation for an increasingly better life.

-- Build a sound ecology and a new modernization featuring harmony between human beings and nature.

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