BEIJING, Dec. 26 (Xinhua) -- Supply-side structural reform has been a catchphrase in China this year, and is set to remain a central theme of the nation's economic work in 2017 as it is expected to inject vitality into the world's second largest economy.
The reform has witnessed steady progress since China's policymakers proposed it at the end of 2015 to resolve structural imbalances in the economy.
Thanks to supply-side reform, the Chinese economy is ending 2016 on firm footing with the country looking like it will hit its annual growth targets.
In the first three quarters, the economy expanded 6.7 percent, well within the government's target range of between 6.5 and 7 percent.
Throughout the year, authorities have pressed ahead with five tasks: cutting industrial capacity, reducing the housing inventory, cutting leverage, lowering corporate costs and improving weak economic links.
A large number of zombie enterprises have been shut down this year. Industries plagued by overcapacity and lagging technology have been urged to move up the value chain to stay competitive.
China has met this year's target of reducing 45 million tonnes of steel and 250 million tonnes of coal production capacity, ahead of schedule.
The country has seen a continued decrease in the housing inventory. By the end of November, the inventory had fallen for nine consecutive months.
With business tax replaced by value-added tax, companies are expected to cut costs by over 1 trillion yuan (around 145 billion U.S. dollars) this year.
Due to targeted poverty alleviation measures, the country's poor population is forecast to fall by more than 10 million in 2016.
Unsurprisingly, China has also met with multiple challenges in carrying out reform.
Unexpected home price spikes in the first nine months pushed up residential leverage and swelled asset bubbles. Downsizing of the steel and coal sectors led to shrinking supply and shored up short-term prices, which impeded further reform. "Zombie companies" caused risks with unemployed workers and unresolved debts.
Despite the difficulties, policymakers have decided to stick with the reform in 2017 in a bid to address entrenched problems and find long-term growth momentum.
China will deepen supply-side structural reform next year, expanding reforms to more areas: overhauling the agricultural supply-side, reviving the real economy and stabilizing the property sector, according to the Central Economic Work Conference held earlier this month.
国际英语资讯:African experts root for policy shift to hasten post-COVID-19 recovery
研究:长时间的日晒会削弱脑力
Give Back to Society 回报社会
我受伤了
我的英语老师
体坛英语资讯:Djokovic stages humanitarian tennis exhibition tournaments across Balkans
花瓶
每日一词∣防汛救灾 flood control and disaster relief
国内英语资讯:Xi Focus: Xi calls for fostering excellence at opening of hydropower station
教育部:保障今年义务教育巩固率达到95%
欧盟将对10余个域外国家开放边界 美国不在其中
英国推中小学补课计划
Taking up space? 占用空间
联合利华将在美容护肤产品中弃用“美白”等字眼
美丽的草原我的家
体坛英语资讯:Kamworor dreams to reclaim world cross country title
国际英语资讯:Macron pledges 15 bln euros to bolster ecological conversion after Greens sweep local electi
快乐的假期生活
国内英语资讯:CPC leadership holds meeting to deliberate Party regulations
国内英语资讯:China, Ethiopia agree to strengthen China-Africa solidarity in fight against COVID-19
体坛英语资讯:Feature: Winter Olympic champion to winter sports advocator
国际英语资讯:Merkel, Macron demonstrate unity on post-pandemic EU recovery
国际英语资讯:WHO says living with COVID-19 to be new normal as global cases top 10 mln
国内英语资讯:China, Turkmenistan urge stop of politicizing COVID-19 pandemic
Different Ways of Exchanging New Year Greetings 多种新年问候方式
小泥猪
国内英语资讯:Hainan to raise duty-free shopping quota to 100,000 yuan
春带来的勃勃生机
游周洛
体坛英语资讯:Leipzig sink hapless Mainz 5-0 to reach third in Bundesliga