China seeks development through economic restructuring

CHENGDU -- China will continue to pursue sustained and healthy economic development by vigorously optimizing its economic structure, Vice-Premier Zhang Gaoli said Thursday.

The future of China's economic development is undoubtedly linked with that of the world, Zhang said while giving a keynote speech on the opening night of the 2013 Fortune Global Forum, which is being held from June 6 to 8 in Chengdu, capital of southwest China's Sichuan province.

Zhang shared China's strategic adjustments and plans for future development in the face of a world economy that is still suffering from destabilizing factors and uncertainties.

"We must always adhere to the idea that development is of overriding importance, as well as endeavor to pursue sustained and healthy economic development," Zhang told a group of business leaders, former government officials, heads of state and economic experts.

"We must never lay undue emphasis on the speed of growth," Zhang said.

Instead, China must ensure steady development and work to solve problems, prevent inflation and keep risks under control, he said, stressing the need to improve the quality and efficiency of development.

China will foster consumption and ensure sustained consumption growth while bringing into play the important role of rational investment, he said.

The country will also lend full support to high-tech, start-up and export-oriented companies, as well as medium- and small-sized companies, he said.

The vice-premier also stressed efforts to improve and optimize the country's economic structure.

While speeding up agricultural modernization, the country will also promote the growth of high-tech companies and emerging industries of strategic importance, Zhang said.

Actions will be taken to curb excess capacity and contain the blind expansion of heavily polluting or high energy-consuming enterprises, as well as readjust and optimize inventory stocks, he said.

Zhang said the government will also boost the service sector, especially modern service businesses.

Zhang also emphasized a comprehensive strategy for regional development that is hoped to inject greater vitality into the Chinese economy.

"China's central and western regions provide important strategic space for development, as well as new points of economic growth," Zhang said, vowing to make even greater efforts to press ahead with development in central and west China.