Xi Pledges to Step Up Reform Pace in Bid to Buoy Economic Growth

President Xi Jinping said China will speed up reforms to boost growth in the world’s second-largest economy, including stepping up policies to improve the efficiency of the nation’s bloated state-owned companies.

China should accelerate moves to supervise the stock market and protect investors, the official Xinhua News Agency reported Xi as saying at a meeting Tuesday. China will continue prudent monetary policy and proactive fiscal policy, prevent financial risk and promote sustainable property sector development, Xi said, according to the report.

Last week, Xi signaled determination to prevent China’s growth slowing too sharply, saying annual growth should be no less than 6.5 percent in the next five years to realize the goal to double 2010 gross domestic product and per capita income by 2020. His avowals coincide with heightened anxiety over China’s economic outlook following a stock market slump and a surprise yuan devaluation in August that roiled global markets.

Data Tuesday underscored the economic challenges. Producer price deflation extended a record stretch to 44 months in October, while consumer price gains moderated.

— With assistance by Malcolm Scott, and Aipeng Soo

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