The “Two Sessions,” the annual gatherings of the Chinese People’s Political Consultative Conference (CPPCC) and the National People’s Congress (NPC), have just wrapped up. Li Keqiang, China’s premier, delivered the Report on the Work of the Government, which read, “In face of new downturn pressure, we will give higher priority to stabilizing economic growth. We should make holistic efforts to maintain stable growth, make structural adjustments and advance reform. We should transform the growth model and reject inefficient development.” The statement is clear. To pursue progress while ensuring stability, the practical macro-control policy does matter. However, in the final analysis, we should continue to deepen reform, transform the growth model and vitalize micro-entities. Meanwhile, we should pursue higher-level and wider opening up and integrate into the international market in a more active and deep manner, with the domestic market as the mainstay.
This year’s work report includes a big part on deeper reform and wider opening up. In terms of reform, the work report states, “We will unswervingly deepen reform and further stimulate the market vitality and the endogenous impetus of development. We should handle the relations between the government and the market properly, letting the market play a decisive role in resource allocation. We should also ensure the government plays a more effective role to eventually boost the development of a socialist market economy.”
