China's supply-side economic reform gains steam: NDRC head

BEIJING - China has accelerated the implementation of supply-side structural reform and made solid progress, the country's chief economic planner said Tuesday.

He Lifeng, head of China's National Development and Reform Commission (NDRC), made the remarks when presenting a report to the ongoing bimonthly session of the National People's Congress (NPC) Standing Committee.

By the end of July, China has cut coal capacity by 128 million tons, 85 percent of the annual target. Also, 85 percent of the target for excess steel capacity has been met, through phasing out substandard steel bars and zombie companies, He said.

Housing inventories shrank by 11 percent year on year by the end of July. The debt-to-asset ratio of industrial firms fell by 0.7 percentage point.

By the end of June, 851 billion yuan ($129 billion) of tax was saved by businesses through VAT reform. Businesses may save over 1 trillion yuan of tax and fees in the year though policies to be implemented.

China has strengthened supervision of fiscal, financial and property sectors. Risks in key areas are under control, He said.