Yu Zhengsheng, chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, presides over the 21st meeting of the Standing Committee of the 12th CPPCC National Committee on deepening supply-side structural reform and promoting healthy and stable development of the economy in Beijing, capital of China, June 26, 2017. (Xinhua/Yan Yan)
Senior Chinese political advisors have been called on to contribute their wisdom to the supply-side structural reform drive, to promote a healthy and stable development of the economy.
Yu Zhengsheng, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), made the call at the 21st meeting of the Standing Committee of the 12th CPPCC National Committee, which opened Monday in Beijing.
Members of the Standing Committee should work together to offer suggestions on deepening supply-side structural reform, and promoting steady and healthy growth of the economy, said Yu, who presided over the meeting.
Vice Premier Zhang Gaoli was invited to brief the standing committee members on the reform. While praising the progress in supply-side structural reform, Zhang urged further efforts in cutting overcapacity in key areas while relocating laid-off employees.
As a key part of the country's supply-side reform, China aims to slash steel production capacity by around 50 million tonnes and coal by at least 150 million tonnes this year.
As of mid-May, China has phased out 31.7 million tonnes of steel capacity and 68.97 million tonnes of coal capacity, about 63.4 percent and 46 percent of the annual targets.
To promote stable and healthy development of the real estate market, China should continue to implement policies that fit the need of different cities, while reducing excess housing inventories step by step, Zhang said.
To ease the debt burden of corporations, Zhang called for a market-oriented debt-to-equity swap scheme regulated by the rule of law. Companies are encouraged to set debt constraints for themselves.
Zhang also urged further measures to cut corporate burden and improve weak links in economic and social development.
According to the meeting agenda, senior political advisors will discuss six topics surrounding deepening supply-side structural reform, review relevant reports, and examine to approve administrative and personnel issues.