国内英语新闻:Chinese Vice Premier stresses economic restructuring, warns of global uncertainties

BEIJING, Nov. 14 (Xinhua) -- Chinese Vice Premier Li Keqiang has urged more efforts be made to accelerate economic restructuring to achieve sustainable development amid concerns of global uncertainties.

"The global economy is still facing great uncertainties and has not shaken off the deep impact of the financial crisis", Li wrote in an article Xinhua received Sunday, calling for "deep understanding" of the proposal for national development in the next five years.

The Communist Party of China (CPC) Central Committee's Proposal on Formulating the 12th Five-year Program (2011-2015) on National Economic and Social Development was issued on Oct. 27 after it was adopted at the Fifth Plenary Session of the 17th CPC Central Committee, which ended Oct. 18.

The imbalance of the overall world economic recovery remains and trade protectionism is on the rise, Li wrote in the article while calling for correct understanding of both domestic and international situation.

Further, Li warned of the potential damage that will be caused by some governments' excessive debt, noting that some major economies continue their expansionary monetary policies and are pumping enormous liquidity into markets to boost their economic recovery, which may spur turbulence in the global financial market and push up commodity prices.

Additionally, the inflow of hot money will affect emerging economies, he said.

"The world economy is growing slowly and the structure of global demand is changing, which puts new pressure on China in its efforts to stabilize and expand exports and maintain a stable and relatively rapid economic growth," Li wrote.

The next five years will be crucial for building a moderately prosperous society in an all-round way, he said.

"The transformation of the economic development mode brooks no delay, and the key for the transformation is to achieve it at an accelerated speed and with practical effects," he said.

Only by transforming the development mode can problems of imbalance and unsustainability be resolved, Li said.

The government will work to boost domestic demand, consumption in particular, as a long-term strategy to maintain healthy and stable economic development and transform the economic development pattern, he wrote.

It is imperative to keep investment at an "appropriate growth rate" and encourage private investment to expand domestic demand, he said.

Efforts should also be made to promote balanced urban-rural development and scientific innovation to upgrade industries.

Li said China will also move ahead with "vigorous but steady" political reform while pushing forward economic restructuring.

The government will reduce its intervention in economy and let market play the role in resource distribution, Li wrote. He also called for stepping up fiscal and taxation reform and strengthening financial supervision to prevent systematic financial risks.

The country will open more fields to the outside and enhance opening up in the inland area, he said.

He also called for participation in global economic governance and regional cooperation, speeding up the implementation of free trade zone strategy and opposing trade protectionism, so as to push for the development of a just and rational international economic order.