Full coverage: China’s Leaders

President Xi Jinping called local authorities and various departments to advance supply-side reform. At a meeting of the Central Leading Group for Financial and Economic Affairs, Xi Jinping said there may be difficulties and risks in the process but local authorities should not shy away from the task.

He reiterated that the focus should be on reducing overcapacity, destocking housing and lowering corporate costs. He said the goal of the reform is to improve quality and reduce "ineffective" supply. The roles of the market and government should be put into better play to balance the reforms. Xi Jinping also stressed the importance of efforts to expand the middle-income group, improve wealth distribution and strengthen intellectual property protection.