President Xi Jinping first proposed his Belt and Road Initiative in 2013. (Photo : Getty Images)
President Xi Jinping accused some Chinese officials of "missing the point" in his latest statement highlighting his hallmark supply-side structural reform.
In a statement quoted by the country's top broadcasting outlet CCTV News, Xi expressed his utter disappointment at how some officials failed to comprehend his point regarding the country's economic path via the supply-side reform.
"All regions and all departments must unify their thoughts and actions to stay in line with the decisions [on reform] made by the Party's Central Committee," CCTV quoted him as saying during the Central Leading Group for Financial and Economic Affairs meeting on Monday.
According to the outlet, Xi called on local officials and departments to increase their efforts to advance the supply-side structural reform he introduced in the country.
Xi's Statement
According to the South China Morning Post, Xi not only ordered for more efforts from Chinese officials but also urged them not to hesitate or wait any longer.
"Don't wait because of the heavy burden, or waver because of the extreme difficulties, or hide because of the risks, or hesitate because of the pain," Xi said.
The SCMP noted that Xi's statement underscored his deep dissatisfaction at the country's progress that has so far reached no further than when he began explaining the direction he wants China's economy to go.
"Some local governments haven't started vigorous implementation yet, and some efforts are missing the point," he reportedly stated.
The Ultimate Goal
According to the Xinhua News Agency, agencies and departments are "busy making and releasing detailed measures to implement the supply-side structural reform."
The CCTV report also noted his reiteration on shifting focus and efforts to effectively reduce overcapacity, destock housing, and lower corporate costs to achieve one ultimate goal: to reduce the "ineffective" supply that drags the country into a slowed growth.
"The Chinese economy may have cyclical and aggregate demand problems, but the main problems are structural ones, and the key issue still lies on the supply side," CCTV quoted him as saying.
According to Xi, the government's and the market's roles "should be put into better play to balance the reforms."
Xi's supply-side structural reform received commendation from economists, with some saying that there is a great possibility that it can solve the problems that China is currently facing.
"Xi's reiteration of supply-side structural reform reflects policymakers' judgment of the current situation," Chinese Academy of Social Sciences economist Dong Yuping told China Daily. "Supply-side structural reform is the key to solving the problems facing the economy."
