China's top economic planner is suggesting significant steps have been made in supply-side structural reforms, as well as the curtailing of hot-money outflows.
CRI's Guan Chao with more on the National Development and Reform Commission's year-end sessions.
Ning Jizhe, Vice Chair of the NDRC, says authorities have made concrete steps in cutting industrial overcapacity, as part of the effort of deepening supply-side structural reform.
As part of his report to the NDRC session, Ning Jizhe also says debt reduction, over-capasity and cost cutting also making major strides forward.
On the issue of debt, Ning Jizhe notes the debt-to-asset ratio of major industrial companies - companies with annual revenues of more than 20 million yuan - has come in at 55.7-percent by the end of October, down 0.5-percent year-on-year.
"We are able to announce that the floor space of residential buildings for sale in China stood at 596 million square meters at the end of November, down 13.7 percent year on year. This is a decrease of over 100 million square meters compared with the figure at the end of last year. In lowering costs, we have already cut taxes and fees by one trillion yuan this past year, and have also cut another one trillion yuan this year. In improving areas of weakness, we have been able to put more resources into agriculture, water conservancy, environmental protection and social services."
NDRC officials also note that foreign investment through November is up by 9.8 percent year on year.
This is up from the figures over the same periods during the past two years.
Ning Jizhe also says authorities have been able to put the breaks on capital outflows through a series of restrictions brought in earlier this year.
"We have achieved significant short-term results in inspecting the authenticity and validity of outbound investment. Irrational outbound investment has been effectively curbed as a result. That said, outbound investment by non-financial companies was still able to register positive growth in November year on year. Overall, we're still expecting outbound investment figures for the full year will be lower. But this is mostly because the base comparisons compared to last year's figures were quite high."
Detailing expectations for the coming year, Ning Jizhe says the NDRC intends to continue to help Chinese companies in their international expansion.
He says this will include promoting production capacity cooperation with foreign countries, particularly those involved in the Belt and Road Initiative.
For CRI, I'm Guan Chao.
