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Chinese Leaders’ vision for the Chinese economy in 2015

CCTV.com

12-12-2014 16:47 BJT

As the Chinese economy prepares to sail into 2015, the country’s top policy maker’s have announced their economic roadmap in the coming year at the just concluded Central Economic Work Conference. Our Yang Chengxi explains what priorities the Chinese economy will take on next year.

Chinese leaders concluded the Central Economic Work Conference on Thursday. President Xi Jinping’s concept of an economic "new normal" took center stage in the meeting, as he pointed out a series of new dynamics in areas such as consumption, trade and labour structure.

"Leaders also came up with a five point road map for economic work in 2015, and the first of which is to keep economic growth steady." said Michael Taylor, Managing Director and Chief Credit Officer of Moody's Investors Service.

"Real estate, consumption, trade and investment have all shown signs of sluggishness. To stabilize growth the government should focus on supporting SMEs and boosting employment. In the process, we should tolerate some fluctuations in GDP growth speed." said Cao Heping, Professor of the Peking University.

The government is also hoping to balance growth with structual reforms, in order to find and foster new growth points that will sustain China’s development in the long term.

"For example, the internet economy. It provides an effective link between consumption and production. Policy makers may put greater attention into innovations like this in the future." said Cao Heping.

Apart from growth and reform, the government have also decided to devote more resources into the rural sector and improving people’s livelihoods.

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