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China on the verge of comprehensive deep economic reforms

"Two sessions" are being held in China. On March 3, a meeting of the All-China Committee of the People's Political Consultative Council of China (CPPCC) was held, and on March 5, a session of the National People's Congress (NPC), the correspondent of the People's Daily newspaper Yu Siluan reports.

According to the accepted practice, during the "two sessions" in the report on the work of the government, Premier of the State Council of the People's Republic of China Li Keqiang will put forward the goal of economic growth for this year. Analysts note that Beijing is not worried about short-term fluctuations in GDP growth (according to the National Bureau of Statistics of the PRC, last year GDP growth was 7,4%) and are confident in future economic growth. According to experts, in conditions of weakening investments and declining exports, consumption will play an important role. According to new data, in 2014, the contribution of final consumption expenditure to GDP for the first time exceeded 50%, amounting to 51,2%, which is 3 percentage points higher than in 2013. An increase in the share of domestic consumption in GDP, a decrease in dependence on investments and exports - this is precisely the direction in which Beijing is actively working.

2015 year is called the government of China a key year in comprehensive deep reforms. Observers believe that the country's authorities will soon be able to implement a number of economic reforms to activate the market, the development of China will face new opportunities.

Head of the National Bureau of Statistics of China Ma Jiantang at a press conference noted that China is aggressively adapting to new realities in economic development, preserves economic functioning within reasonable limits. Despite the fact that the economy is still under great pressure of recession, risks can be controlled.

The economist, close to the figures who develop the strategy, said that compared to different countries in the world, the growth rate at 7% is still considered high and advanced. "In conditions of full employment, stable prices for goods, growth of income of residents, minor fluctuations in the rate of economic growth are acceptable", - said the expert.

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