Reform measures to further expand Chinese economy

There exists ample room for the Chinese economy to grow further over the next decade, especially through the deepening reform and opening-up, experts said on Thursday.

They made the remarks at a news conference held in Beijing, which aimed to discuss the reform measures outlined during the third plenary session of the 20th Central Committee of the Communist Party of China.

Li Xuesong, director of the Institute of Quantitative and Technological Economics at the Chinese Academy of Social Sciences, said China still possesses strong advantages in terms of the quality and quantity of labor force.

Li said China is endowed with a large working-age population. Both their health condition and access to education have been continuously improved over recent years.

Meanwhile, the country's efforts in advancing new urbanization have significantly optimized the spatial distribution of labor force.

Li also said capital formation will be further promoted across the country, as the green development philosophy is reshaping the production models of certain industries, and the rapid development of digital economy is spurring new infrastructure needs.

Besides, the total factor productivity is poised to remain at a high level. Specifically, the market-oriented reform of factors will help with resource allocation, and the country's long-term commitment to driving innovation will accelerate the development of new quality productive forces.

"Against such a backdrop, I expect China to make solid progress in pursuing high-quality development, as well as to further inject impetus into the global economic growth," said Li.

Liu Xiaoguang, a professor at China's National Academy of Development and Strategy of Renmin University, said the Chinese economy has continued a recovery trend in the first half of 2024, with the real GDP growth hitting 5 percent.

Liu said China witnessed a robust growth in its industrial production during the period. Both the country's exports and employment have been improved in an orderly manner.

However, the slowdown in the growth of service sector and the sluggish real estate market continued to pose pressure on the economy, which requires further efforts from the government in deepening reforms in all respects, said Liu.