China’s Xi calls for development of a modern economy: Xinhua

BEIJING (Reuters) – Chinese President Xi Jinping on Wednesday called for the development of a modern economy with a push to expand the real economy, the official Xinhua News Agency reported.

It quoted Xi as telling a politburo meeting that China will deepen its supply-side structural reforms, quicken its pace in developing advanced manufacturing industry and push for integrated development of internet, big data and artificial intelligence with the real economy.

Resource allocations will be concentrated around the real economy, while government policies will be tilted in favor of boosting the real economy, Xi added at the politburo meeting.

Beijing is in its second year of a deleveraging campaign to reduce financial risks rooted in rapid build-up in debt and riskier types of financing.

Growth in China’s economy picked up to 6.9 percent last year, the first annual acceleration since 2010 and easily beating the government’s 2017 target of around 6.5 percent.

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