China’s Li Says Economic Overhaul Must Accelerate to Keep Growth
Chinese Vice Premier Li Keqiang, promoted last week to the No. 2 spot in the ruling Communist Party and set to take the job of premier in March, said three decades of economic opening must be accelerated as the push to overhaul the economy encounters obstacles.
Li, speaking Nov. 21 at a meeting in Beijing, said China needed to accelerate economic overhaul, citing areas including improving state-owned enterprises and the taxation system, according to remarks published on the government’s website.
“At present reform has encountered a ‘fortress area’ and a ‘deep water area,’” where there are countercurrents that can push back progress, Li said. “We must overcome difficulties and get rid of all institutional obstacles that hinder scientific development.”