CHINESE leaders have warned that the world's second-largest economy faces "downward pressure" and called for boldness in carrying out promised reforms aimed at reviving slowing growth.
In a report issued after an annual planning meeting on Friday, the Communist Party cited an array of problems, possibly trying to stir urgency about carrying out sweeping reforms promised last month in a long-range development blueprint.
There was no immediate word on whether the meeting set a growth target for next year. Investors and analysts were watching to see whether the party would cut its target from this year's 7.5 per cent.
The statement cited a glut of unneeded production capacity in some industries, environmental degradation and concerns about the quality of food and drugs.
"We must clearly recognise there is downward pressure on the economy," the statement said. "The thoughts should be bold and the steps should be firm in carrying out reforms and the people should have real benefits."
Chinese leaders are under pressure to overhaul a growth model based on exports and investment that has run out of steam after delivering three decades of rapid growth.
The plan last month promised China's more dynamic entrepreneurs a bigger role but said state industry would remain the core of the economy, a move some analysts warn could drag on growth.
Economic growth declined over the past two years, hitting a two-decade low of 7.5 per cent in the three months ending in June before rebounding to 7.8 per cent in the latest quarter. Analysts have warned growth might slow again in the current quarter or early 2014.
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