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According to insiders, the main keyword of the upcoming Central Economic Work Conference — which sets the national agenda for the economy of China — is likely to be high-quality development, the Securities Daily reported.
“The country is heading into the high-quality development stage from the high-speed development stage,” said Zhang Lianqi, managing partner of Ruihua Certified Public Accountants.
Jiang Chao, chief economist at Hatong Securities, believes aiming for high-quality development means the country will not fall into the old trap of vigorously stimulating investment to prop up GDP growth.
Zhang also thinks it is appropriate to set a GDP growth target of around 6.5% next year, with a much more proactive fiscal policy and large-scale tax cuts and cost reductions.
The conference is expected to cover other hot topics including developing direct financing, guarding against financial risks, accelerating the reform of the housing system and promoting the restructuring of state-owned enterprises.