To further carry out development and reform work and to accurately analyse the economy in the first quarter, on 15 February, Lin Nianxiu, Deputy Director of the National Development and Reform Commission, led a team to visit Jiangsu and hold a development and reform work conference in Nanjing. Huang Lixin, member of the standing committee of Jiangsu Provincial Committee and Executive Vice Governor of Jiangsu attended the conference and delivered a speech. Yuan Yafei, member of the national committee of the CPPCC and Chairman of Sanpower Group also gave a speech and shared some experiences and thoughts regarding supply side reform.

Lin Nianxiu gave a report on national development and reform work in 2016 and work plans for 2017. He said that this conference aimed to understand current progress in promoting structural reform of the supply side, reviving the real economy and innovation-driven development, by listening to local opinions and policy suggestions on development and reform work.

Huang Lixin introduced Jiangsu’s economic development in 2016 as well as the focus of economic growth in 2017, and local policy measures for promoting supply side reform in particular. Multiple deputies to the National People’s Congress and CPPCC members who attended the conference then gave advice and suggestions on economic development work.

During the conference, Yuan Yafei introduced Sanpower Group’s achievements in leveraging overseas M&A in New Consumption and New Healthcare sectors, business model innovation, facilitating domestic transformation and upgrade, and promoting structural reform of the supply side. In addition, Yuan Yafei also put forward two suggestions that are in line with Sanpower’s experiences.

The first suggestion was to further explicitly support companies in developing the real economy through “going global”. The acquisition of brands, technologies and systems, is beneficial to the development of China’s real economy and should have clear policy support.

The second suggestion was to further strengthen and innovate the development of the social credit system. Yuan Yafei said that the essence of structural reform of the supply side is to strengthen the brand reputations and quality of products, but brands depends on people’s opinions and trust. Therefore, strengthening the system of credit and trust is also an important aspect of the structural reform of the supply side. Yuan Yafei therefore hopes to promote innovative models of social credit to more fields like retail, catering, tourism and medical care.