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China has maintained relatively fast economic growth by changing and through structural reform, he said.
Yu Zhengsheng, chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, opened the session at the Great Hall of the People in the heart of Beijing.
The leaders, including Thai Prime Minister Prayut Chan-o-cha, Cambodian Prime Minister Hun Sen, Lao Prime Minister Thongsing Thammavong, Myanmar Vice President Sai Mauk Kham, and Vietnamese Deputy Prime Minister Pham Binh Minh, were here for the first LMC leaders' meeting held in Sanya of southern China's Hainan Province on Wednesday.
Like running a bullet train, to develop the economy, the first thing is stability and safety. In the past few years, we have adopted innovative approaches to macro-control, including a new range-based approach. We have set it our upper limit to keep price rises in control and our minimum target to ensure sufficient employment. This range-based approach has effectively stabilized market expectations. This year, we expect the economy to grow by 6.5%-7%, a new range designed to allow certain flexibility with the growth target. Short-term and minor fluctuations in the economy can hardly be avoidable. We will not try to redress these minor fluctuations with moves that are against market rules. But once the economy slips out of the reasonable range, we will definitely take overarching measures in line with the laws of the economy. Currently, the debt-to-GDP ratio of the Chinese government is less than 40%, and for the central government, it is only 17%. We also have a high savings rate. The space is ample to develop a multi-tiered capital market, and new tools are available to introduce innovative regulatory measures to the financial sector. We are not only well positioned to prevent systemic, regional financial risks, but also supported by enough policy tools to keep the economy steady. Last year, for instance, with collaboration among relevant agencies and financial institutions, special funds for specific projects were raised and used based on market-based approaches to expand effective investment. Such an approach strongly facilitated economic restructuring and ensured steady growth. This year, we will continue this practice.
Zhang called on NPC deputies to enhance their sense of responsibility, develop close contacts with the people, promptly respond to the people's needs and accept the people's supervision.
来源：资阳报