An employee counts yuan banknotes at a bank in Huaibei, Anhui province. [Photo/Agencies] BEIJING - Strict Party governance should be deepened in China's central bank system, an official with the Communist Party of China (CPC) Central Commission for Discipline Inspection (CCDI) said on the CCDI website on Tuesday. The work of the central bank is closely related to national security and interests, the people's interests, as well as the CPC's ruling foundation, said Xu Jia'ai, a senior CCDI inspector. Any selfish action for personal reasons in the work of the central bank is not just picking or stealing, but tearing at the fabric of our nation, Xu said. Xu noted major risks in the financial sector, including weakness in supervision, unlicensed operation and illegal fundraising, which have posed great losses to the people. A lack of strict Party governance led to these problems, Xu said, stressing that unremitting efforts must be paid to strengthen Party construction and tighten supervision within the Party. According to a communique adopted at a plenary session of the CCDI, the Party pledged to fight corruption in the selection and appointment of officials, government approval and supervision, resource exploitation, finance, and other key areas prone to corruption. wristbands canadacustom silicone bracelets canadarubber bracelets canadasilicone bracelets canadasilicone wristbands canadacustom wristbands canadacanadian wristbandswristbands canada
BEIJING - China's economy is likely to grow by around 5 to 6 percent in the 2020s, remaining at the medium-pace growth section of the L-shape pattern, China Daily reported Friday citing a senior researcher at a government think tank.Liu Shijin, vice president of the China Development Research Foundation, said at the China Finance Annual Forum the economy had entered a moderate growth track and would continue to grow at the bottom part of the L-shape pattern.The L-shape pattern comes when the economic growth rate first falls and then levels out, thereafter maintaining medium-pace growth.He said that the recent recovery of industrial profits was likely to support the Chinese economy to rebound a little in the coming months, but it does not point to a major increase of the country's growth pace.Profits of China's major industrial firms increased 21 percent year on year in 2017, the fastest pace since 2012, according to a statement released Friday by the National Bureau of Statistics (NBS).The reading was 12.5 percentage points faster than the growth rate registered in 2016.Liu said that to achieve its target of doubling GDP by the end of 2020 from a decade earlier as scheduled, Chinese economy needs to grow 6.3 percent annually.In 2017, the figure stood at 6.9 percent, picking up for the first time in seven years and well above the government annual target of around 6.5 percent.Such better-than-expected growth has been propped up by booming domestic consumption, robust trade, and new technologies which boosted external demand and international labor productivity, analysts said.To ensure the steadfast transition toward high-quality development, however, some efforts must be taken, including reducing the size of the government balance sheet.Liu said the government needs to develop more sustainable financing channels to attract private capital to invest in public goods and solve the piling up of local government debts.Bert Hofman, the World Bank's country director for China, Mongolia and Korea in the East Asia and Pacific Region, said that local governments should not bail companies out or provide guarantees for debt repayment, but should let borrowers shoulder their own responsibilities instead.Ren Zeping, chief economist of Chinese property developer Evergrande, said that efforts to deal with financial risks need to be implemented steadfastly for at least the next three years, otherwise existing problems will trigger new risks affecting the healthy growth of the economy.
