He Lifeng, minister of the National Development and Reform Commission (NDRC)?, made the remarks at a press conference?on the sidelines of the ongoing annual session of the National People’s Congress on Tuesday in Beijing.

China achieved steady growth, advanced reforms, made structural adjustments, improved living standards and guarded against risks in 2017, said the minister.

The 6.5 percent growth target is “attainable” He expressed confidence in achieving the 6.5 percent annual growth target as domestic consumption is expected to become a larger force driving economic development.

The 6.5 percent growth target set in this year’s government work report is “attainable” through hard works, said He, citing China’s economic momentum, resilience, sustainability and market potential.

With further development in emerging industries and the modern service sector, consumption is likely to contribute around 60 percent to economic growth in 2018.

In 2017, consumption contributed 58.8 percent to growth, nearly four percentage points higher than five years ago.

Investment will contribute one third to this year’s growth as China will also push forward investment, especially on the real economy.

For foreign trade, He said it will grow steadily and drive 8 to 9 percent of growth as long as the world economy keeps a stable growth.

He also expected further progress in the supply-side structural reform on basis of sound achievements in tasks like capacity reduction. Industries including plate glass, cement and electrolytic aluminum will be target of the country’s next stage of capacity cuts.

The country’s economy expanded 6.9 percent year-on-year in 2017, picking up for the first time in seven years and well above the government target of around 6.5 percent.

Government to Liberalize Market Access for Foreign Investment

The country will considerably liberalize market access for foreign investment, further facilitate overseas capital inflows and offer favorable policies to such investment in the west, central and northeast China regions.

To fully open China’s general manufacturing industry and further open its service sector, the? NDRCwill work with the State Council to amend the foreign investment negative list, and?expand a pilot negative list from free trade zones to the whole country, Ning Jizhe, deputy director of the NDRC?, told reporters at a press conference.

“The country will considerably facilitate the capital inflow by simplifying the procedures for foreign companies to register in China, create a fair business environment for both domestic and foreign enterprises and implement strict policies to protect their intellectual property,” he added.

“Foreign companies move to the central, West and Northeast China will benefit from favorable policies for industrial transferring and processing trade,” Ning said. “The local government will also be authorized to give preferential policies to them.”

Last year the country’s foreign direct investment reached $131 billion, the second-biggest amount of FDI in the world, said Ning.

Xiongan New Area Developing Steadily

China welcomes the world to bring projects to the Xiongan New Area, to help spare Beijing of functions unrelated to its status as national capital.

“The planning and construction of the Xiongan New Area is in steady progress,” said He Lifeng.

There will be seven highly effective internal organizations set up in the new area, where a batch of talent will be set up to work, he added.

He noted in the future, construction of the Xiongan New area will advance steadily. Some projects now located in Beijing which are unrelated to the nation’s capital function will be transferred to Xiongan gradually, after careful consideration.

Meanwhile, some existing problems, like the remediation of the waterway electrical apparatus in the area and the renovation of Xiongan area’s freshwater Baiyangdian Lake, should be addressed in time.

Editor: Dong Lingyi

Intern: An Di

Source: China Daily, Xinhua