Government officials, CEOs and academics from around the globe have gathered in Beijing to discuss ways for China to smoothly transition from rapid growth to quality growth and comprehensively deepen reforms.
"In the mid to long run, the key to deepening reforms is to avoid financial risks, increase industry efficiency, and promote innovation. We need to be prepared to deal with the recent financial default, create competition in the industries such as railways and telecommunications. Another important factor is to further open up the services sector to private and foreign companies," said Liu Shijin, vice president of Development Research Center, State Council.
One reform that stood out was government de-regulation and letting the market play a bigger role in the economy, as it is directly correlated to foreign investment confidence in China, industry efficiency as well as resolving the problem of overcapacity.
Reform requires a combination of top-down design and trial-and-error experimentation. There is still a long way to go in the economic transition, but one thing is clear: China is determined to work on reforms at all levels to speed up the process.