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Xi discusses Chinese economy, markets

Xi discusses Chinese economy, markets

This week China held its 19th Party Congress in Beijing and President Xi Jinping outlined his five-year vision for the country, and discussed issues in the economy, markets, foreign investment and innovation, among other things.

Xi said China’s economy has maintained a medium to high growth rate so far. Going forward, the country will aim for higher quality and efficiency, and fairer and sustainable economic growth.

In addition, China will also continue to deepen supply-side reform and reduce overcapacity in the heavy industries. Over the past five years, China’s GDP rose from 54 trillion to 80 trillion yuan ($12.1 trillion).

Addressing issues in the markets and foreign investment, Xi said, ‘China will improve the regulation framework underpinned by monetary policy and macro-prudential policy, and deepen market reforms of interest rates and exchange rates.

‘China will uphold the national policy of opening up to the outside world and such policy will not change. The door China opened will become wider and wider.’

He added that the country will continue to pursue the One Belt and One Road Initiative, while focusing on Chinese companies going global and attracting foreign investment.

China will also relax market access for foreign investment, expand access to its services sector, and protect the legitimate rights and interests of foreign investors. In January and August, the State Council introduced measures to attract more foreign capital.

Xi is aiming for China to be a top ranked innovative nation by 2035, and a country with pioneering global influence by 2050.

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