China's economy steady, quality improving: top economic planner

The top economic planner has voiced confidence in the economy, citing signs of improved quality and strong momentum for long-term growth.

Though slowing, economic growth remains in a reasonable range and positive signals continue to strengthen, according to a speech by Xu Shaoshi, head of the National Development and Reform Commission (NDRC), published on the NDRC's website Monday.

"The economy has been generally holding steady this year and the underlying trend has been positive, while the drivers for stable and healthy development in the future are powerful," according to the speech, which was delivered to a forum held earlier in Beijing attended by Sino-U.S. business leaders and former senior officials.

China maintained 7 percent GDP growth in the first half of the year, despite a feeble recovery in the world economy and turbulent global stock and foreign exchange markets, Xu said.

He highlighted the expanding consumption and service sector, noting recovery in industrial output, power generation and use, railways and housing prices in recent months.

As of August, 9.52 million new jobs had been created in cities, 95 percent of the annual target, with residential income growing faster than GDP, Xu said, citing official figures.

The quality and structure of the economy has improved as well. Energy consumption and emissions fell, while output of high-tech industries, such as new-energy cars, industrial robots and smart TVs, saw at least double-digit growth.

China has huge potentials of growth in its underdeveloped mid-western areas, urbanizing millions of rural residents and boosting innovation's role in the economy, Xu said.

In the meantime, he recognized that demand, investment and exports remained weak, noting difficulties in transforming industries mired by overcapacity and potential risks in fiscal and financial areas.

However, Xu said China "has the confidence and capability to gradually solve the problems it encounters along the path of development."

The government will exercise more precise macro-management to counter downward pressure in the economy and continue to deepen reforms to boost mass entrepreneurship, innovation and private investment, he pledged.

Major projects that can boost investment and consumption will be supported, and more money will be guided into the real economy.

Foreign and domestic companies should expect a more level playing field, with expanded market access for foreign firms, enhanced IP protection, and enforcement of the Anti-Monopoly Law.

More than 95 percent of all foreign-invested projects require only online registration rather than a slew of administerial approvals. Of all anti-monopoly cases related to price-fixing handled recently, less than 10 percent involved foreign firms, according to Xu. Endi