The Chinese government has re-affirmed key reform tasks for this year. The National Development and Reform Commission told the media that cutting red tape, urbanization, and public welfare upgrades are on the to-do list.
In addition, the country's top economic planner says reform efforts will continue to liberalize the financial market, lift state-owned enterprises, and shore up fiscal power.
Analysts say in the short term, infrastructure building and consumption are the major drivers. But reforms are needed for long-term growth.
China's first quarter growth data came in Wednesday at seven percent, right on the government's target. The government is expected to roll out new measures to offset downward pressure.