Xi calls for focusing on real economy

BEIJING — Xi Jinping called Wednesday for focusing on the real economy, and working faster to build China into a manufacturer of quality.

Xi made the remarks in a report to the 19th National Congress of the Communist Party of China at the Great Hall of the People in central Beijing.

"We will move Chinese industries up to the medium-high end of the global value chain, and foster a number of world-class advanced manufacturing clusters," he said.

He called for more efforts to develop advanced manufacturing, promote further integration of the internet, big data, and artificial intelligence with the real economy, and foster new growth areas and drivers of growth in medium-high end consumption, innovation-driven development, the green and low-carbon economy, the sharing economy, modern supply chains, and human capital services.

To further supply-side structural reform, China will continue efforts to cut overcapacity, reduce excess inventory, deleverage, lower costs, and strengthen areas of weakness, and work to achieve a dynamic balance between supply and demand by improving the allocation of available resources and increasing high-quality supply, Xi said.