China's battles on risks, poverty and pollution

Preventing major risks, targeted poverty alleviation and pollution control will be the “three tough battles” for the next three years, Chinese authorities said yesterday.

Progress should be made in fighting the “three tough battles” for securing China’s goal of becoming a “moderately prosperous society in all respects,” said a statement issued after the Central Economic Work Conference.

Attendees at the meeting called for significant progress in forestalling major risks, intensified efforts in targeted poverty reduction and better results in pollution control in 2018.

To defuse major risks, China will maintain a hard-line stance on irregular and illegal activities in the financial industry to forestall risks, the meeting pledged.

China’s rapidly expanding financial industry is being placed under greater regulatory scrutiny as authorities step up efforts to curb widespread malfeasance in the sector to guard against risks.

While addressing risks in major areas, policy-makers will also strengthen regulation of weak links, according to the statement.

In the coming three years, the country will work to ensure the quality of poverty reduction efforts under current standards, and focus on helping special groups and eradicating abject poverty, it said.

Pollution control will also be a key battlefield, with targets of a significant reduction in major pollutant emissions and improvement in the overall environment.

Efforts should be focused on adjusting industrial and energy structures, eliminating outdated capacity and making the skies blue again, according to the meeting.

The three-day annual conference, which started in Beijing on Monday, saw Chinese leaders review the economic performance in 2017 and map out plans.

China has set 2020 as the target year to finish building a moderately prosperous society and completely eradicate poverty. 

To realize the goal, risk prevention, poverty alleviation and pollution control have all been high on the government’s agenda.

China has lifted more than 60 million people out of poverty in the past five years, with the poverty rate dropping from 10.2 percent to less than 4 percent.

As of the end of 2016, there were 43.35 million Chinese living below the national poverty line.

In the first 10 months of 2017, China’s banking regulatory authorities imposed administrative penalties in 2,617 cases of irregularities in the industry, covering state-owned banks, joint-equity banks and city commercial banks.

The Communist Party of China has also incorporated “Beautiful China” into its two-stage development plan for building a great modern socialist country, according to the report delivered at the 19th CPC National Congress in October.

The government has passed its toughest-ever environmental protection law, and introduced a “river chief” system to protect water resources. Ecological “red lines” will also be drawn in certain regions to strengthen environmental protection, according to earlier planning.

China has also vowed to increase imports and cut import tariffs on some products to promote balanced trade as part of its effort to push forward a new pattern of all-round opening-up.

The country will expand free trade zone pilot areas and guide foreign investors to operate in the country in an efficient way, according to the statement.

It said the country will push for nationwide implementation of a pre-establishment national treatment system as well as a negative list which determines where foreign participation is prohibited or limited.

The negative list will become shorter and shorter, it said, adding that the country will improve laws and regulations and enhance protection of intellectual property.

China will also move faster to put in place a housing system that ensures supply through multiple sources, provides support through multiple channels, and encourages both housing purchases and rentals.

The country will develop its housing rental market, especially long-term leases, protect the rights of concerned parties, and support the development of professional and institutional housing rental enterprises, according to the statement.

A long-term mechanism that promotes stable and healthy development of the real estate market will be improved while maintaining consistency and stability of regulatory policies.

China will apply a differentiated property policy based on local conditions, according to the statement.