NDRC to rev up new growth engines: minister

The National Development and Reform Commission (NDRC) sets out major economic and social development tasks in 2015 in a work report released at a press conference on Thursday.[Special coverage]

Xu Shaoshi, minister of the NDRC, said the ministry will carry out work to boost domestic demand to give a stronger impetus to economic growth and accelerate economic structural reforms.

Talking about the economic situation and macro-economic control at the conference at the two sessions, Xu said the ministry will deepen reform of government review and approval and press ahead with reforming companies and fiscal and tax systems. The ministry will also ensure better financial services for the real economy and deepen reform of investment and financing system, price reform and the reform of rural and land system.

"We will extensively implement the strategy of opening up," Xu said, adding that the ministry will raise the efficiency and quality of China's outward investment, as well as increase multilateral, bilateral, and regional economic cooperation.

According to the report, the NDRC will accelerate the transformation of agricultural development and promote transformation and upgrading of the industrial structure through innovation. "We project spending on R&D as a percentage of GDP will come to 2.2 percent in 2015," Xu said, adding that the NDRC will boost the scale and strength of strategic emerging industries and make the service sector better able to support economic growth.

Improving the pattern of economic development between different regions, making unremitting efforts in energy conservation, emissions reduction, low-carbon development, and ecological and environmental protection, are also weigh heavily on the ministry's work plan in 2015, said Xu.

Xu added that the NDRC will work hard to improve people's wellbeing and take well-targeted steps in the most-pressing issues such as employment, social security system, public services and government-subsidized housing.