China will implement a broad range of measures to make its economy more domestic-focused, ensuring its continuing growth, Chinese President Hu Jintao said on Saturday.
Despite a GDP growth of 9.2 percent last year, lack of balance and sustainability in Chinese economy remains a major problem, the Chinese leader said, addressing a CEO summit that is part of APEC Leaders Week in Vladivostok in the Russian Far East.
To tackle the issue, the Chinese government will prioritize promoting home-driven growth, improving the social security system, developing human resources, continuing to open up China’s economy for foreign investors and making China an innovation-driven country, Hu said.
He added that the shift of economic focus is expected to sustain China’s growth, boosting retail sales by 15 percent in the next few years.
Hu also said a more balanced economy will allow China to maintain its foreign economic ties, with annual direct investment overseas expected to exceed $500 billion, adding that the reform will also yield benefits for APEC, whose business community will have the opportunity to capitalize on China’s upcoming modernization.