China Gets Ready to Boost Consumption, Economic Reform in 2019

In a speech at the annual Central Economic Work Conference (CEWC) that concluded Friday in Beijing, President Xi Jinping reviewed China's economic performance in 2018, analyzed the current economic situation and arranged the economic work in 2019.

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According to an official statement reported by Xinhua, China will expand in the areas of technology, organizational forms and industry in the coming year, which marks the 70th anniversary of the founding of the People's Republic of China.

One such undertaking is the establishment of an open, coordinated and effective platform for the research and development of generic technology. Also, the protection of intellectual property rights will be enhanced so as to release small- and medium-sized enterprise market expansion potential.

To lessen the impacts of the U.S. trade war, China will implement a more proactive fiscal policy and reduce taxes. This will allow Chinese companies and households to maintain their consumption levels and contribute to the growth of domestic output.

China will move to boost consumer spending next year with policies to accelerate the development of the service industry, education, childcare, elderly care, healthcare, culture and tourism.

Relating to international trade, the CWEC called for greater efforts to increase imports and exports, push for a more diversified export market and cut institutional costs of importing procedures.

"It is necessary for China to proactively participate in the reform of the World Trade Organization, and promote the liberalization and facilitation of trade and investment," the CEWC statement said.

On its last day, the CEWC group called for restructuring state-owned capital investment companies and advancing mixed-ownership reform. China will extend support to private companies by nurturing a suitable legal and working environment.

The meeting requested to improve people's well-being and stabilizing employment will be put in a prominent place in the 2019 policy agenda, which will seek to assist college graduates, migrant rural workers and senior citizens in finding jobs.

This process will require more investment in preschool education, early childhood education in poor rural areas and vocational education.