(Bloomberg) — President Xi Jinping called on Tuesday for local governments to develop “new productive forces” according to their conditions and avoid creating a bubble in particular industries, offering fresh comments on the Chinese leadership’s latest new economic policymaking term.
Subscribe now to read the latest news in your city and across Canada.
Subscribe now to read the latest news in your city and across Canada.
Create an account or log in to continue your experience.
At a meeting with the delegation of the eastern province of Jiangsu at the annual convocation of the National People’s Congress, Xi called for the adoption of his new strategy, the official Xinhua news firm said in a statement.
“It is necessary to prevent a headlong rush into projects and the formation of industry bubbles, and to avoid adopting just a single model of development,” Xi said. All places “must selectively promote the development of new industries, new models and new drivers based on local resources, industrial foundation and scientific research conditions,” he said.
Read more: Xi Jinping’s ‘New Productive Forces’ Are Enough: The New Economy
“Developing new productive forces does not mean ignoring or abandoning classical industries,” the leader warned, but rather “using new technologies to modernize classical sectors and actively promote high-level, smart and green industries. “
Xi first used the terminology during an inspection excursion to northeastern China in September, where he called on the country to “lead the progress of emerging strategic industries and long-term industries. “Since then, state media has attempted to provide more main points about the confusing slogan — saying it includes everything from the hiking sector to China’s “three new” engines of expansion: electric vehicles, batteries and renewables.
Earlier, China had set this year’s expansion target at around 5% at its highest-profile annual policy meeting. It’s an ambitious goal that will put pressure on the country’s most thoughtful leaders to deliver more stimulus as they try to restore confidence in an economy. hampered by a real estate collapse and damn deflation.
Read More: China’s Bullish 5% Growth Goal Seen as ‘Target Without Plan’
Meeting with the delegation from Jiangsu, a province known for its gigantic personal sector, Xi also called for the progress and expansion of the personal sector economy as well as personal enterprises. The call comes amid lingering considerations about the regulatory crackdown on personal corporations in recent years.
“Lucille Liu’s. “
(Updates with context on the new motto in the fifth paragraph. )
Postmedia is committed to maintaining a civilized discussion forum and encourages all readers to share their perspectives on our articles. It can take up to an hour for comments to moderate before appearing on the site. We ask that your feedback be applicable and respectful. We’ve enabled email notifications: you’ll now receive an email if you get a response to your comment, if there’s an update to a comment thread you’re following, or if a user you follow comments. Check out our network rules for more facts and main points on how to adjust your email settings.
365 Bloor Street East, Toronto, Ontario M4W 3L4
© 2024 Winnipeg Sun, a department of Postmedia Network Inc. All rights reserved. Unauthorized distribution or transmission is strictly prohibited.
This uses cookies to personalize your content (including ads) and allows us to analyze our traffic. Learn more about cookies here. By continuing to use our site, you agree to our terms of use and privacy policy.