Structural readjustment a theme of economy in 2004

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Last updated at: (Beijing Time) Monday, December 01, 2003

Structural readjustment a theme of economy in 2004

Structural readjustment will continue to be a theme of China's economic development in 2004, with new and high technology, energy, communications and service industries to receive priorities.

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Structural readjustment will continue to be a theme of China's economic development in 2004, with new and high technology, energy, communications and service industries to receive priorities.

The Central Economic Work Conference, jointly held by the Central Committee of the Communist Party of China (CPC) and the State Council, made the guideline along with other guiding principles for China's economic work in 2004 as it ended Saturday.

According to the meeting, China shall accelerate development of the new and hi-tech industry that features information technology as a major component. Meanwhile, advanced technology will be applied to transform traditional industries and improve the competitive power of China's manufacturing industry in an all-round way.

The meeting called for efforts to ease the bottleneck of economic development and pinpointed energy and communications as sectors that need to be reinforced.

It attached importance to further improving power generation capacity and power grid construction, stepping up construction of large-scale coal production bases and accelerating construction of key communications trunk lines and hubs. It also urged doing a good job in energy conservation and the saving of raw materials and water, as well as in the comprehensive use of important resources.

Meanwhile, it is necessary to accelerate the development of the tertiary industry, which is a major driving force in expanding employment, optimizing industrial structure, improving the overall results of the national economy and promoting coordinated economic and social development, according to the meeting.

Efforts should be made to actively create policies and mechanisms conducive to accelerating development of the tertiary industry to raise the proportion of tertiary industry in the national economy and improve quality of the sector.

The meeting called for coordinated development of regional economies, noting the importance of actively pushing forward the western development campaign and reinvigorating old industrial bases in the northeast region while encouraging the eastern areas to take the lead in realizing modernization.

The central authorities expect to gradually realize an economic pattern with the east, central and western regions dynamically linked, mutually beneficial and developing in a coordinated way.

The meeting also underlined gradually rationalizing the pattern of income distribution, improving the spending capacity of the residents.

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