China eyes reform, opening up to improve economy

BEIJING, Jan. 7  (NsNewsWire) — Chinese Premier Li Keqiang said China should count on reform, opening up and structural adjustment to improve economy during a three-day tour of south China’s Guangdong Province.

Li said China should push forward reform and opening up steadfastly in a bid to maintain economic growth within a proper range, as the country is confronted with new challenges in an economic “new normal”, reports Xinhua.

China should strike a balance between steady economic growth and necessary adjustment in economic structure and promoting reform will help meet that goal, Li said, adding the reform should be of better quality and development more coordinated.

Given poor exports and weak domestic demands, China has been increasingly reliant on an overall reform in nearly all fields to ensure sustainable growth during an unavoidable slowdown.

The country has carried out a string of policies and measures, such as setting up free trade zones, streamlining administration and delegating powers, encouraging innovation and helping small firms.

China’s GDP expanded at 7.3 percent year on year in the third quarter of 2014, the weakest quarterly figure since 2009.