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

(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 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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With assistance from Bloomberg