BEIJING, November 8 (Itar-Tass) — China believes that the deepening of reforms and an innovative approach will be the major factors in the development of the Chinese economy in the coming ten years, Hu Jintao, General Secretary of the Central Committee of the Communist Party of China (CPC), said here on Thursday when delivering a CPC CC report before the delegates to the 18th Congress of the Party.
"It is essential, first, to deepen the process of reforming the economic system; second, to adhere to an innovative development strategy; third, to adjust the pattern of the Chinese economy; fourth, to promote the urbanization process in towns; fifth, to raise the degree of openness of the Chinese economy," Hu Jintao said. He pointed out in the report that the change of trends in the economic development of China and other states obliges the leadership of the PRC to expedite the process of creating a new pattern of economic growth and achieve an improvement of its qualitative indicators.
Statistical data of recent months are indicative of a slowdown in the rate of China's economic growth. GDP increase in the third quarter of 2012 was 7.4 percent. Economic growth has been contracting for a seventh quarter in succession. This is connected with the slowdown in the growth rate of Chinese exports and a decrease in the investment contribution to the country's economic growth. The unfavourable trend was brought about, in particular, by a rise in wages in China and a slow rehabilitation of the world economy following the global financial downturn.