SCIO briefing on the 'new normal' in the Chinese economy and deepening supply-side structural reform

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Xu Shaoshi, minister of the National Development and Reform Commission (NDRC)

Hu Kaihong, director-general of the Press Bureau, State Council Information Office

Jan. 10, 2017

Xu Shaoshi:

Fourth, innovation has played a critical role in accelerating development, boosting start-ups and invigorating the entrepreneurial spirit. With the mass entrepreneurship and innovation program gathering steam, there are 3,000 more entities than the previous year, registering an activation rate of around 70 percent. Construction of 28 demonstration centers for business startups and innovation has speeded up and major breakthroughs have been achieved through overall reform and innovation. The National Emerging Industry Venture Guiding Fund has been put into operation, and last year saw 17 cities joining in the national campaign to promote innovation. Private companies and social capital have participated in the building of the platform for mass entrepreneurship and innovation, in line with efforts to make start-up services more diversified, precise and professional.

Fifth, progress of the "One Belt and Road" initiative has been better than expected, thanks to new breakthroughs made in reform and opening up. Institutional reforms in regard to electricity supply, salt manufacturing, forestation industries, new type of urbanization, eco-civilization and public services have been carried out in succession, while construction of the "One Belt and Road" initiative has received growing positive reaction from various countries, ensuring smooth progress of programs and the cooperation of industrial capacities among countries involved.

Sixth, new type of urbanization has progressed in a stable way, as synergy between regional development and benefits crated by new type of urbanization increase. We estimate that, this year about 16 million people are expected to receive urban residential permits.

Based on our forecast, the aggregate economic volume will exceed 70 trillion yuan (US$10 trillion), a growth of 5 trillion yuan, equal to the 10-percent economic growth five years ago and to the GDP size in 1994. This is an outstanding performance among the major economies in the world.

The latest report issued by International Monetary Fund (IMF) and an opinion of "Voice of Germany" both agree that, in 2016, China contributed 1.2 percentage points to the world's economic growth, while the United States and Europe could provide only 0.3 and 0.2 percentage points respectively. According to the proportions, China contributed more than 30 percent to the world's economy last year. Ever since China first became the largest country in terms of its economic contribution in 2009, it has injected much vitality into the global economy. I believe China is able to tackle various risks and challenges it faces, sustain stable economic performance and make more contributions to the global economy.

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