A translation exercise: China's economic reforms

We will advance structural reform, especially reform on the supply side. China is confronted with structural imbalance in its economic development, which happens both on supply side and demand side, particularly the latter. China will push forward structural adjustment through reform. China needs to reduce ineffective and low-level supply while working to expand effective and medium- and high-level of supply, which is conducive to economic transformation and economic growth.

The most important aspect is to cut overcapacity, emphasizing on reducing productivity in iron and coal industry. China has made some achievements in reducing output of raw coal and steel recent years. But further reduction of raw coal and steel production must be achieved through market- and law-based means and stricter standards for environmental protection, quality and safety must be set.
The catch in cutting overcapacity is where to channel laid-off workers. Enterprises need to adopt various measures to see that laid-off workers secure other jobs. Central and local governments need to provide necessary support to ensure that laid-off workers can regain their livelihoods. Overcapacity is a global issue. China must take the initiative to cur productivity capacity to show that China is a responsible great power.