CRI听力:Experts: Quality Albeit Slower Growth for China's Economy in 2015

Economic experts are predicting that China's economy will continue to slow down next year, as leaders discuss policy at the annual Central Economic Work Conference now underway in Beijing.

The conference will set the tone for next year's economic policy-making and map out more financial reforms.

CRI's Luo Bin has the story.

Top policy makers have gathered for the annual meetings to discuss priorities for the next year, including setting a gross domestic product target.

But the housing market adjustment, decelerating credit growth, and the advancement of difficult structural reforms in areas such as local government debt management and interest rate liberalization are presenting continued headwinds for China in 2015.

Wang Jun, vice chief of the Advisory Research Department with China International Economic Exchange Center.

"The past pattern of development is unsustainable because it makes the economy expand recklessly and ignores environmental costs and ecological pressure. We were excessively dependent on demand from the outside and we overlooked domestic demand. The new pattern is different from the one we adopted over the past 30 years when it comes to supply, demand or economic momentum."

Policymakers are expected to acknowledge challenges in maintaining rapid growth while deepening structural reforms.

GDP growth is set to moderate to 7 percent next year from an estimated 7.5 percent this year.

Liu Baocheng, dean of the Center for International Business Ethics, University of International Business and Economics.

"By saying 'about or approximately 7 percent' it's also there to point to the direction that China will not really focus on the growth of GDP in terms of the quantity, but rather we can allow room for reform, for quality and productivity".

Financial and state-owned enterprise reforms are also among the key topics being discussed at the conference, which runs through the next couple of days.

For CRI, this is Luo Bin.