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China targets "major breakthroughs" in restructuring economy through 2015
BEIJING, Oct.18 (Xinhua) -- China aims to achieve "major breakthroughs" in economic restructuring and maintain "stable and relatively fast economic growth", the Central Committee of the Communist Party of China (CPC) said Monday after it approved an economic blueprint for the next five years.

To speed up the transformation of the economic development pattern marks a profound reform and should proceed throughout all sectors of economic and social development, said a communique issued at the close of the Fifth Plenary Session of the 17th CPC Central Committee.

Economic strategic restructuring should be a major task in the transformation, said the communique released after the four-day plenum, which examined and approved the 12th Five-Year Program (2011-2015) for National Economic and Social Development.

China aimed to reduce its dependence on investment and exports, which made it vulnerable to global economic recession, and efforts had been made to increase domestic demand through consumer subsidies and rising incomes.

The communique said the CPC would continue the policy of boosting domestic demand, and push forward technology research and innovation.

It said improving peoples lives and making them feel secure should be the "fundamental ends" of economic transformation.

The CPC vowed in the communique to further boost peoples incomes, enhance social construction and deepen reform and opening-up.

Amid an ambitious goal for growth, the CPC also pledged to enhance efforts to save energy and resources and build an environment-friendly society.

Lawrence Greenwood, vice president of the Asian Development Bank, believed restructuring was a necessary step for the country to move up the ladder to become a middle and high-income nation, and help solve the global economic imbalance problem.

He said many challenges during Chinas development sprang from its over-reliance on heavy industry after the Asian financial crisis, as investment poured into energy-intensive and environment-unfriendly industries.

This years government work report, which was released in March, highlighted "sound" development ahead of "fast development," for the first time, indicating the governments resolution to look to sustainable development instead of mere pursuit of rapid growth at the cost of high energy consumption and a widening gap between rich and poor.

The communique said economic and social development should be comprehensive, coordinated and sustainable.

Backed by robust consumer spending and export recovery, Chinas economy grew 11.9 percent in the first quarter year on year. It then slowed to 10.3 percent in the second quarter due to higher comparison basis a year earlier.

Analysts expect the third-quarter growth rate, scheduled to be released Thursday, will continue to slow, and the government will still face the daunting task of combating inflation

 


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