Page 5 - ON BUILDING A HUMAN COMMUNITY WITH A SHARED FUTURE

A NEW BLUEPRINT FOR GLOBAL GROWTH

the application of R&D achievements to meet the needs of transforming
the growth model, adjusting the economic structure, building a modern
industrial system, fostering strategic emerging industries, and developing
a modern service industry. In short, we aim to move our industries and
products up to the medium-high end of the value chain and to foster
more innovation-driven growth areas with first-mover advantages that
can lead development.
Proceeding from this new starting point, we will steadfastly promote
green development to achieve better economic performance. I have
said many times that lush mountains and clear waters are as precious as
mountains of silver and gold. To protect the environment is to protect
productivity, and to improve the environment is to boost productivity.
This simple logic has come to be accepted by more and more people.
We will unwaveringly pursue our sustainable development strategy
and stay committed to green, low-carbon, and circular development
and the basic national policy of conserving resources and protecting
the environment. Green development is also adopted as a protective
measure to address climate change and overcapacity. Over the next five
years, China will cut its water and energy consumption as well as carbon
dioxide emissions per unit of GDP by 23 percent, 15 percent, and 18
percent respectively. We will ensure a beautiful China with blue skies,
green lands, and clear waters, securing a livable environment in which
ordinary people can enjoy life and feel the ecological benefits brought by
economic development.
In 2016, we began vigorously advancing supply-side structural
reform and taking proactive measures to adjust the relationship between
supply and demand. We will cut production capacity of crude steel by
another 100 million to 150 million tons over the next five years; and over
the next three to five years, we will cut around 500 million tons of coal
capacity by shutting mines and another 500 million tons through the
restructuring of mines. These actions are taken to cut excess capacity,
adjust the structure of the economy, and ensure steady growth, and are
primarily based on considerations for China’s long-term development.
China is taking the most robust and solid measures to cut excess
capacity — and our commitments will be honored with actions.
Proceeding from this new starting point, we will steadfastly

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