Economic Stability Development to Help Reach Target Goals for this Year
The nation’s economy is starting to show signs of development as China’s Vice Premier Zhang Gaoli said that the economy is getting stable and is expected to reach its social and economic development target for this year.
This year the government has set an economic growth target of 7.5 percent and the economic growth has rebounded to 7.8 percent in the third quarter which is up from 7.5 percent on the second and 7.7 percent in the first quarter. Even if the recovery is not as solid as they predicted, certain efforts must be made to help guard against the risks. Efforts must be taken to boost sustainable development of private economy which some say is an important force in the growth as it promotes economic restructuring, increases employment and advances reforms.
Local governments are urged along with authorities to speed up the transformation of several government functions to create an open and fair market for the private sector. The eastern regions of the country are the forefront in the plans of opening up and to reform drive and is playing a lead role that will re-balance the economy eliminating excessive production capacity and therefore improve quality and efficiency of the economy.
Furthermore efforts must encourage the innovation of the technology of enterprises that will assist in controlling environmental pollution and improve livelihood by implementing a better set of policies at the free trade zone in Shanghai.