More Targeted Efforts Called to Address Challenges in Maintaining Economic Growth
Chinese leaders called for more targeted efforts in hopes to address several of the key challenges to maintain stable economic growth this year. china’s top leaders at the meeting of the political Bureau of the Communist Party of China Central Committee that was presided by President Xi Jinping stated that the economy has achieved a great start during the first quarter as downwards pressure still exists. During the first quarter, the economy seen a 6.7 percent year on year growth which is still within the 6.5 to 7 percent range that was a pre-set growth for the year.
In meeting the target, leaders attended the meeting stating its important to step up the supply side reforms, implement target policies in addressing structural and regional problems and push forward urbanization which affects the second biggest economy in the world. The director of macroeconomics of the State Information center Niu Li, said that the meeting set the topic of handling economic challenges and focus in some specific issues that needs to be highlighted in the following months. Although there are some of the problematic indicators are posing a threat to the economy might have pick up during the first quarter, still there is a lot of structural problems that needs to be solved.
Economic performance for the next quarter is crucial and we need not to worry about the services sectors, that is capable of sustaining good performance but structural problems especially in real estate are crucial. Niu stated that several regions need to speed up the process of cultivating new growth engines that will fuel the economy and more effort is needing to push forward urbanization that help boost growth.