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China’s Development Model Will Spur Reform, Vice President Says

Bloomberg logoBloomberg 10/24/2020 Bloomberg News

(Bloomberg) -- China’s new development model will help further the nation’s reform and opening up, with a bigger focus on domestic demand, Vice President Wang Qishan said.

The government is working to remove structural impediments to encourage the market to determine the allocation of resources in the economy, Wang said in a pre-recorded speech at the Second Bund Summit in Shanghai on Saturday. China has entered the stage of high-quality development and the economy enjoys “broad prospects,” he said.

Wang Qishan wearing a suit and tie: Key Speakers and Interviews at the Bloomberg New Economy Forum © Bloomberg Key Speakers and Interviews at the Bloomberg New Economy Forum

Wang Qishan in 2019.

Photographer: Takaaki Iwabu/Bloomberg

Wang said China will foster a more convenient and world-class business environment governed by a sound legal framework. In the development of the financial sector, the country will “keep away from the wrongful paths of excessive speculation, self-reinforcing cycles of financial bubbles and Ponzi schemes,” he said.

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