| China's State Council, or the cabinet, has promulgated a series of measures to promote the country's industrial structure adjustment, urging local governments to take such adjustment as "a major task." According to a document released by the State Council on Wednesday, the "Decision of the State Council on Implementing the Interim Regulations on Promoting the Adjustment of Industrial Structure" was approved on Dec. 7. The Decision urged the local governments to design measures to properly guide investment, so as to encourage and support the development of "advanced productivity" while limiting the growth and finally eliminating the out-of-date industries, as well as prevent blind and repeated investment. The Decision also asked relevant departments to speed up formulation and amendment of policies on finance, credit, land use, international trade and other issues, so as to facilitate and push forward the industrial structure adjustment. According to the State Council document, while implementing the Decision, the local governments should properly handle the relationship between government guidance and market regulation, and let market be the main player in resource allocation. In the meantime, relevant departments are required to properly deal with the relationship between growth and stability, between partial interests and holistic interests, and between short-term and long-term interests, so as to maintain a rapid and stable economic development. The National Development and Reform Commission (NDRC) also issued on Wednesday the Guiding Catalogue for the Adjustment of Industrial Structure as a supplementary document to the State Council Decision. |
Source: Xinhua News Agency |
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