China to keep economic operations 'within reasonable range' in 2021

BEIJING: China will strive to keep economic operations "within a reasonable range" next year, as Beijing seeks to expand domestic demand and boost technology innovation, a top decision-making body of the ruling Communist Party said on Friday.

"It is of huge significance that (we) do a good job in economic work, as next year is a year of special importance for China's modernization process," state news agency Xinhua reported, citing a politburo meeting chaired by President Xi Jinping.

2021 will mark the first year of a new five-year plan that China sees as vital to bypass a so-called "middle income trap". Outlining the focus of work next year, the government will step up its anti-trust efforts and prevent the disorderly expansion of capital, the politburo said, adding that it will also ensure the healthy development of the property market.

The government will continue with supply-side structural reforms while paying attention to demand-side reforms, it said, adding that China will also boost its ability to ensure control over and self-sufficiency in its industrial chains and supply chains.