Third, support training and relocating workers fornew jobs and businesses to minimize the negative impact of transformation.
Like elsewhere in the world, pressure of globalization and reform and restructuring has its impacts in the Chinese society. Restructuring of the iron and steel sector gives rise to concerns and worries. Yet, there is a common understanding that there is a price and pain to be taken for change for the better.
This time around, the Chinese Government has taken up measures to help redundant labor change career path. Among others, the central government is setting up a special fund to retrain workers and support local government efforts to reduce overcapacity.
And with re-balancing underway in the Chinese economy and with numerous new industries emerging, now it is far easier to get new and better-paid jobs than in the reform of the country's inefficient state-owned industries in the late 1990s.
This should also mean China can rely more on domestic consumption, instead of pouring yet more concrete in a country that has already built too many steel mills and cement plants.
Fourth, stay the course of transformation against headwind.
Our attitude to life is shaped and moulded by the great intellectual legacy over the past thousands of years and values associated with Laotze, Confucius and Motze, including the wisdom that as heaven maintains vigor through movement, a gentleman should constantly strive for self perfection.
And the many vicissitudes we have gone through have taught us that maintain the status quo and protect under performing sectors is only a temporary adaptation to circumstances rather than a long-term solution. To be competitive we have to live with the world as it is and when the world changes we must remain nimble to seize opportunities that come with challenging circumstances and swiftly adjust ourselves in a pragmatic and clinical manner.
Undoubted, the unfolding new normal and structural transformation could be more painful and even prolonged than in the late 1990s since restructuring of upstream industries are more arduous and difficult.
Yet to achieve high-quality, efficient and sustainable growth is not an impossible dream as we are determined to enduring hardships and putting our strength, determination and willingness to see to its conclusion our set objective.
Fifth, China remains committed to opening-up to achieve international competitiveness and promote win-win.
In our globalized world, we are interdependent. This is not an option but a reality. Our progress and achievement proves that the relationship we've built with our global partners especially those strategic partners determines our common prosperity.
