China to Further Readjust Economic Structure

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Last updated at: (Beijing Time) Friday, November 30, 2001

China to Further Readjust Economic Structure

China will continue to readjust its economic structure and concentrate on making a success of technical upgrading in enterprises.

China will continue to readjust its economic structure and concentrate on making a success of technical upgrading in enterprises.

The pledge came from the Central Economic Working Conference jointly held by the Communist Party of China (CPC) Central Committee and the State Council in Beijing from November 27-29.

According to the conference, the country will continue to focus on the main task of economic readjustment.

To speed up technical upgrading in existing enterprises and improve technical standards of production will lay the groundwork to boost China's international competitiveness. This will also spur investment demand and improve supply capacity.

It is necessary to use high technologies and other advanced techniques to upgrade an important group of industries and enterprises, and new economic powerhouses should be built up, said the conference.

Efforts should be made to accelerate selected and prioritized high-tech industrial development so that high-tech industrial chains with Chinese characteristics and competitive advantages will be formed as early as possible.

Also, education should be developed, and improvements made to housing, tourism, neighborhood services, and modern ways of distribution. Doing so will create an efficient service network for China's economic development, and will help meet and enlarge the consumption demand of rural and urban residents.

It is also imperative to carefully carry out a series of strategic plans and policies set by the Central Government for exploring the vast western region, and to further guarantee a

harmonious regional economic development.

Reform of state-owned enterprises (SOEs) will, for the foreseeable future, remain the core of the overall economic restructuring plan, said the conference.

It is necessary to continue the in-depth SOE reform in accordance with the requirements of "well-defined property, clearly-stated rights and obligations, a division of administrative and corporate functions, and scientific management.

" It is also important to perfect a corporate structure that merges rights and obligations, operates smoothly, and applies effective restrictions.

Large and medium-sized state-owned enterprises that meet the pre-set requirements should speed up the work of becoming share-holding entities, said the conference.

Efforts should also be made to continue to advance strategic reorganization in SOEs.

It is also imperative to foster a group of large companies and conglomerates with their own intellectual properties and strong controlling power, which can help adapt to international competition after China's entry into the World Trade Organization.

Diverse ways to enliven medium-sized and small SOEs should be found, and the build-up of the social security system should be continued.

It is imperative to further rectify and standardize market economic order, and to step up legal construction.

It is also necessary to cultivate the awareness in society of a business code of ethics, the attitude of honest and the sense of fair and honest competition.

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