facebook
twitter
rss
account
search
search
 

Chinese pres.: Stepped-up political reform needed for economic growth

July 24, 2013 at 12:08 PM   |   Comments

2 of 8
| License Photo
WUHAN, China, July 24 (UPI) -- Chinese President Xi Jinping said China must concentrate on political reform in major areas to overcome barriers to economic and social growth and development.

"China must break the barriers from entrenched interest groups to further free up social productivity and invigorate creativity. There is no way out if we stay still or head backward," Xi said Tuesday at a Wuhan conference attended by officials from five provinces and Shanghai, the official Chinese news agency Xinhua reported.

China's new leaders have pledged since taking office in March to improve the economy through deeper reforms, including giving administrative power to lower levels and easing financial regulation, Xinhua reported.

Last week, China's central bank decided to lift controls on bank lending rates in a clear signal of the government's determination to push forward market-oriented reforms.

China has the second-largest economy in the world behind the United States but growth has been slowing, down from 7.7 percent in the first quarter of the year to 7.5 percent in the second quarter.

Xi said the Communist Party needs to improve and thorough research is needed for a more market-oriented system and improved governmental efficiency.

Topics: Xi Jinping
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Great white shark circling surfers photographed by drone Great white shark circling surfers photographed by drone
2
Louisiana judge rules state's gay marriage ban is unconstitutional Louisiana judge rules state's gay marriage ban is unconstitutional
3
Poland buys medium-range missiles from U.S. Poland buys medium-range missiles from U.S.
4
Watch: News anchor resigns live on-air to sell pot, '[Expletive] it, I quit' Watch: News anchor resigns live on-air to sell pot, '[Expletive] it, I quit'
5
Virgin America plane diverted after man tries to open cabin door Virgin America plane diverted after man tries to open cabin door
Trending News
Video
x
Feedback