China's Xi underscores economic growth, market-oriented reforms

China must maintain economic growth and persevere with market-oriented reforms in the face of multiple risks in the economy, the new helmsman of China's ruling party has said. The government should continue its proactive fiscal and prudent monetary policies next year and improve the economy's internal vigor and dynamic, said Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, at a symposium held with non-Party figures here last week. "The growth that we achieve must be tangible, not exaggerated growth, and should be efficient, of good quality and sustainable," Xi said. He urged adherence to market-oriented reforms and well-conceived top-level reform designs. "Targeted measures should be carried out in a timely way, while gradual progress in the overall reforms should be combined with breakthroughs in certain parts," said the leader. "We must explore boldly and pursue substantial results." Other priorities of tasks in 2013 include supporting agriculture, restructuring the economy and improving people's livelihoods, according to the general secretary. China has to prepare itself for multiple risks and challenges that can not be underestimated now or in the coming period, though the fundamentals of the economy are healthy, Xi stressed. The world economy will continue to grow at a slow rate, while domestic companies are troubled by cost rises and weak capabilities in innovation, and conflicts are increasing between inadequate demand and excessive production capacity as well as between economic development and the environment, Xi elaborated. China's economy expanded 7.4 percent year on year in the July-September period, slowing for the seventh consecutive quarter. However, official data has showed recovering fixed-asset investment, industrial activity and retail sales in recent months. China's economy is stabilizing and the government will maintain continuity and stability in its macro-economic policies next year, according to a statement released after a meeting of the Political Bureau of the CPC Central Committee on Tuesday.