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Official says China seeks steady economic growth, deeper reforms

(Xinhua)
Updated: 2008-01-25 09:12

DAVOS - China will endeavor to maintain steady and fairly fast economic growth and deepen the reform of the economic system, Chinese Vice-Premier Zeng Peiyan said here Thursday.

"To prevent overheating of the economy and inflation is our top priority for macro control this year. We will pursue a prudent fiscal policy and tight monetary policy to ensure general balance between demand and supply and make the economy better structured," said Zeng at a session of the five-day World Economic Forum (WEF) Annual Meeting.

At the session of "special message and conversation" in his honor, Zeng said China will work on transforming the model of growth.

"In promoting economic growth, the focus of our efforts will be shifted from relying mainly on investment and export to stimulating consumption and steadily increasing the consumption rate; from relying mainly on manufacturing industry to promoting the growth of agriculture and services industries and increasing the share of the service sector in economic output," he said.

Zeng said China will deepen economic structural reforms, encourage sectors of different ownership to compete as equals and develop together.

He also made it clear that China seeks promotion of sustainable development.

China has launched a campaign of energy conservation and emission reduction to meet the targets set for 2010 including a 10- percent reduction in the 2005 levels of (sulfur dioxide) SO2 emission and chemical oxygen demand (COD), he said.

"We are accelerating the pace to eliminate the backward production styles of factories with high energy consumption and pollutant emission, step up the construction of waster water and sewage processing facilities and vigorously develop energy-saving and land-saving housing, and fuel-efficient and environmentally friendly automobiles," he added.

The air conditioning of buildings will be kept at an appropriate level, and energy-saving bulbs will be used throughout the country, he said.

In his speech, Zeng noted that the world today needs to address many problems facing the growth of the world economy.

These problems include greater uncertainties for global economic growth, the rising prices of primary products, resurfacing of trade protectionism, and growing concerns over global climate change, he said.

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