Chinese Vice Premier Zhang Gaoli(1st L) addresses the opening ceremony of the China Development Forum 2016 in Beijing, capital of China, March 20, 2016. (Xinhua/Wang Ye)
China will step up supply-side structural reform in its 13th Five-Year Plan period, Vice Premier Zhang Gaoli said at the opening of the China Development Forum in Beijing on Sunday.
Vigorous efforts should be made to cut overcapacity, destock, deleverage, lower business costs and improve weak links, said Zhang.
He also demanded adherence to innovative, coordinated, green, open and shared development, the development concept mentioned in the new Five-Year Plan covering 2016-2020.
As the world economy is undergoing a weak recovery and the Chinese economy is facing downward pressure, China must take care to maintain appropriate economic growth and vigorously carry out supply-side structural reforms, he said.
He also stressed improving people's livelihoods and preventing risks to ensure a good beginning for the 13th Five-Year Plan period.
He told the opening ceremony that China is not only a beneficiary of globalization, but also an important contributor to world economic growth and stability. China's development will bring other countries greater market and more opportunities for investment, according to the vice premier.
Noting the Group of 20 (G20) summit will be held in China's Hangzhou this year, he called for joint efforts to promote the building of "innovative, dynamic, coordinated and inclusive" world economy.
Hosted by the State Council's Development Research Center, the annual China Development Forum is a platform for business and academic leaders to interact with China's top decision makers and economic planners.