NDRC touts 1,500 economic reforms made over past five years

19th CPC National Congress

China expects to attain or surpass its annual growth target of nearly 6.5 percent this year. Beijing says it will continue to cut over-capacity in its steel industry, push forward with economic reform, and attract foreign investment.

CGTN’s Nathan King attended the National Development and Reform Commission press briefing.

For 100 minutes, China’s reform commission sounded an upbeat note. In the last five years, the panel said, more than 1,500 reform initiatives have been implemented. Steel capacity alone has been cut by more than 100 million tons.

“We are transforming and upgrading traditional industries in China,” according to NDRC Chairman He Lifeng. “We encourage technological innovation. New sectors such as e-commerce are booming. ”

Looking to the future of innovation, state planners highlighted the tech sector and said China was now home to a third of global ‘Unicorn’ companies. But they warned progress must be made in other areas, like bringing more private capital and thinking into the public sector.

Emphasizing an economy of quality over quantity, the National Development and Reform Commission also confirmed there would be room for more foreign investment and market share.

“The Central Committee of the CPC, with General Secretary Xi Jinping at its core, pays considerable attention to the notion of opening up,” NDRC Vice Chairman Ning Jizhe said. “China is consistently expanding the scope and depth of opening up and promoting reform accordingly.”

In addition to saying there would be more opening up to foreign companies, Beijing is also promising a level playing field for foreign companies operating in China.