China will reform to make its currency and interest rates more market-based, boost overseas investments and plough more state funds into industry as part of plans to keep GDP on track to double in size by 2020, President Hu Jintao said on Thursday.
Hu also restated a commitment to targets that would double household incomes nationwide in a decade, in a speech prepared for delivery at the opening of China's Communist Party Congress. Hu is due to step down as party chief during the congress.
"We should firmly maintain the strategic focus of boosting domestic demand, speed up the establishment of a long-term mechanism for increasing consumer demand, unleash the potential of individual consumption, increase investment at a proper pace, and expand the domestic market," Hu's speech said.
"We should develop a multi-level capital market, take steady steps to make interest rates and the renminbi exchange rate more market-based and promote the renminbi's convertibility under the capital account in due course," it added.
Hu's restatement of existing pledges gave no specific timeline for their delivery, nor any fresh indications of size of the spending plans or the source of funding for them.
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