Xi's article on properly handling key relationships in economic work to be published

BEIJING -- An article by Xi Jinping, general secretary of the Communist Party of China Central Committee, on properly handling several key relationships in economic work will be published on Saturday.

The article by Xi, also Chinese president and chairman of the Central Military Commission, will be published in this year's fifth issue of Qiushi Journal, the flagship magazine of the CPC Central Committee.

The article noted that as adverse impacts from the changing external environment intensify, China's economic operation still faces difficulties and challenges.

At the same time, the Chinese economy is underpinned by a stable foundation, abundant strengths, strong resilience and vast potential, and the supporting conditions and fundamental trend for long-term growth have not changed, it said.

"We must face up to the difficulties, strengthen our confidence, and strive to transform all positive factors into actual achievements in development," the article said.

Economic work is complex and multifaceted, and there are five key relationships that must be properly handled, the article said.

It is essential to coordinate the relationship between an efficient market and a well-functioning government, and the government must act decisively when necessary while also knowing when to refrain from intervention, according to the article.

The article also stressed the relationship between total supply and demand to ensure smooth economic circulation. Efforts must be made to address weakness in domestic demand, which should serve as the major driver and stabilizer of growth.

The relationship between developing new growth engines and upgrading traditional industries is another priority that should be handled well, according to the article.

It further emphasized properly managing the relationship between optimizing incremental resources and making good use of existing resources, as well as the relationship between quality improvements and scale expansion.