Xi promises economic reforms in China

Xi promises economic reforms in China Beijing: China's new President Xi Jinping on Tuesday vowed to deepen structural reforms in economic and political fields, saying the world's second largest economy can remain "dynamic" only by keeping abreast with times.

Xi, 59, also made clear that opening-up of the economy can never stop and that the issues that crop up in the process can only be tackled by more restructuring.

He said the ruling Communist Party of China (CPC) must enhance the capacity in scientific, democratic and law-based governance. Only this way the CPC will maintain its governing position for long time to come.

The CPC must maintain close ties with the people, improve the performance in leadership and governance and increase its ability to resist corruption, prevent degeneration and ward off risks, Xi, who is also the new CPC Chief, said.

Xi, who grew up from the grassroots of having been a leader from the village to province to central level, said under the new historical conditions China must make new breakthroughs in reforms and opening-up with new prospects for development.

"We will enhance top level design and overall planning and advance structural reforms in economic, political, cultural, social and ecological fields in a balanced way," he said.

Ruling out changing the model of development, Xi said, "We do not think there is one special experience in the world, nor do we believe the development model will stay forever. We will continue to develop and improve socialism with Chinese characteristics".

He said the world has changed, so has China. Socialism with Chinese characteristics must also move forward in keeping with the changing situation and conditions.

"We have to keep abreast with times. Only keeping abreast with times can China remain a dynamic country. We are open to drawing from fine achievements of all civilisations. But we will not keep the development model of any other country."

China with the GDP of USD 8.25 trillion surpassed Japan to become the world's second largest economy after the US.

PTI