Xi asks economic planners to work for sustainable growth

Xi asks economic planners to work for sustainable growth Beijing: China's new leader Xi Jinping Thursday asked the country's economic planners to shun "exaggerated" GDP rates and instead work for quality and sustainable growth keeping in line with market reforms.

In his first remarks on economy after his election as the General Secretary of the ruling Communist Party of China (CPC) last month, Xi said "the growth that we achieve must be tangible, not exaggerated growth, and should be efficient, of good quality and sustainable."

Chinese leaders in the past blamed officials for paying more attention to the GDP of provinces and regions to show results, overlooking the damage such as those caused to the environment.

China must maintain economic growth and persevere with market-oriented reforms in the face of multiple risks in the economy, Xi, who succeeded outgoing President Hu Jintao as CPC head, told a symposium, according to state-run Xinhua news agency.

Xi would formally take over as President when Hu retires in March next year.

The government should continue its proactive fiscal and prudent monetary policies next year and improve the economy's internal vigour and dynamic, Xi said.

"Targeted measures should be carried out in a timely way, while gradual progress in the overall reforms should be combined with breakthroughs in certain parts," he said.

"We must explore boldly and pursue substantial results," he said.

Other priorities in 2013 include supporting agriculture, restructuring economy and improving people's livelihoods, the CPC General Secretary said.

China has to prepare itself for multiple risks and challenges that cannot be underestimated now or in the coming period, though the fundamentals of the economy are healthy, Xi stressed.

The world economy will continue to grow at a slow rate, while domestic companies are troubled by cost rise and weak capabilities in innovation, and conflicts are increasing between inadequate demand and excessive production capacity as well as between economic development and the environment, Xi said.

China's economy expanded 7.4 percent year on year in the July-September period, slowing for the seventh consecutive quarter.

China fixed 7.5 percent target this year and an official think tank yesterday projected 7.7 percent of GDP growth this year.

Official data has shown recovering fixed-asset investment, industrial activity and retail sales in recent months.

China's economy is stabilising and the government will maintain continuity and stability in its macro-economic policies next year, according to an official statement released after a meeting of the Political Bureau of the CPC Central Committee on Tuesday.

PTI