You are here: Home > World > Diplomatic Exchanges

Adjust font size:

Song Tao (L), head of IDCPC, and Jiang Chaoliang (R), Party chief of Hubei Province, respond to questions from international delegates at a thematic briefing held in Beijing on the practice of the supply-side reform in Hubei on May 25, 2017. [Photo by Chen Boyuan / China.org.cn]

More than 400 people representing several foreign political parties, senior diplomats, international organizations and multinationals attended a thematic briefing on May 25 on how the supply-side structural reform were being carried out in central China's Hubei Province.

The briefing, organized by the International Department of the CPC Central Committee (IDCPC), was intended to promote the successful development experience to other countries.

IDCPC's head Song Tao said in his welcome speech that solving economic problems and achieving growth have been hot topics in inter-party exchanges especially at a time when the world economic recovery lacks momentum.

"In times of difficulty, all political parties agree that reform and innovation are the way out, but to decide what to reform and what to innovate is never an easy task," said Song. "A pressing matter is to find a way to ensure sustainable development."

Supply-side structural reform put forward by Chinese President Xi Jinping is a major innovation on economic theory and practice, he said. It seeks to solve the new challenges after China enters a "new normal" where economy is characterized by moderate growth. The reform is aiming at ensuring continuous growth through industrial upgrading.

Song stressed that the supply-side structural reform never eyes "temporary high growth rates through simple stimulus packages," but seeks to optimize the economic structure. Bringing international delegates to the briefing is intended to show them how the supply-side structural reform - hailed as "Chinese solution" - will benefit other countries. Hubei was once replete with excessive and outdated capacity mainly in the steel industry. This amounts to a burden on the provincial economy even more so given Hubei is a landlocked province.

Its provincial Party chief Jiang Chaoliang admitted he once faced "many problems but an inappropriate economic structure was his biggest headache." Jiang briefed how his province underwent a campaign to implement the top-down call for supply-side structural reform from the country's central authorities. "It's the province's inherent urge, too," he said.

He stressed the notion of "less is more" in reducing excessive capacity. "It may seem a 'subtraction' but in fact it is an 'addition' to the economy as well as to people's livelihood because it is about vitality," said Jiang.

Print E-mail

Go to Forum >>0 Comment(s)

Add your comments...

• User Name Required
• Your Comment
• Enter the words you see:   
  Racist, abusive and off-topic comments may be removed by the moderator.