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Stability and reforms main focus for 2017

Reporter: Michelle Van den Bergh 丨 CCTV.com

12-19-2016 16:33 BJT

Full coverage: 2016 Central Economic Work Conference

The 2016-2017 China Economic Annual Conference is being held over the weekend in Beijing, a day after the conclusion of China's Central Economic Work Conference. Policy makers, economists and analysts are gathering to discuss the outcome of the Work Conference. 

How to ensure stability and sustainable growth and continue to carry out reforms is the theme of this year's China Economic Annual Conference.

Zhu Zhixin, from China Center for International Economic Exchanges says that China's supply side reform has achieved significant progress. Recent positive trade and CPI figures have provided a better macroeconomic foundation for further reforms in the coming year.

"China needs to balance between growth and stability, especially during the process of destocking, deleveraging and overcapacity reduction," Zhu said.

"While reducing certain industry's overcapacity, we also needs to work on the industries with insufficient capacity. While destocking the housing inventories in the third and fourth tier cities, we also need to focus on the increase in property prices in first and second tier cities to avoid a housing bubble. "

Yang Weimin from China's central financial Leading Group says China needs to give more focus on avoiding a systemic financial crisis in 2017.

"Our fiscal policy needs to be proactive. Our budget needs to fit the supply side reform. We need to lower the tax burden on companies. Our Monetary policy needs to be prudent but adapt to the liquity supply changes to maintain stable liquidity in the system," he said.

"We also need to ensure the stability of the Chinese currency while increasing its exchange rate flexibility. Next year, we need to give more focus on avoiding financial risks and asset bubbles ."

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