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CPC Congress opens to chart future for China
(chinadaily.com.cn)
2007-10-15 11:22


RMB Convertibility

China will improve RMB exchange rate regime, and gradually make the RMB convertible under the capital accounts, President Hu Jintao said Monday.

China will make its banking, securities and insurance industries more competitive, he said at a report delivered at the 17th National Congress of the Communist Party of China in Beijing.

China will proceed with financial reform to develop various tiers of financial markets and build a modern financial system that is inclusive of different forms of ownership and different ways of operation, according to Hu.

The president then proposed to improve the structure of capital market and raise the proportion of direct financing through multiple channels.

Hu suggested strengthening financial supervision and controlling, and forestalling and diffusing financial risks.

Boosting domestic demand

Hu called for increasing domestic demand, particularly consumer demand to drive the further development of the economy.

The country should propel three transitions in the mode of economic growth, Hu said.

Firstly, China should transit from mainly relying on investment and export to relying on the well coordinated combination of consumption, investment and export, according to Hu.

He then suggested a transition from secondary industry serving as the major driving force to primary, secondary and tertiary industries jointly driving economic growth.

The third transition is from relying heavily on increased consumption of material resources to relying mainly on advances in science and technology, improvement in the quality of work force and innovation and management, Hu noted.

The country should encourage formation of internationally competitive conglomerate, Hu said, calling for the acceleration in the development of a modern energy industry.

The top leader went on to urge to promote the upgrading of industrial structure this is a pressing strategic task vital to the economy as a whole.

China should also upgrade new-, and high- technology industries and develop information, bio technology, new materials, aerospace, marine and other industries, Hu said.

He also demand to ensure the quality and safety of products.

 

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  Hu Jintao -- General Secretary of CPC Central Committee
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