China will spare no effort to implement supply-side structural reform over the next five years to ensure sound and sustainable economic growth, Vice-Premier Zhang Gaoli said.

Vigorous efforts should be made to cut overcapacity, destock, deleverage, lower business costs and improve weak areas, Zhang said at the opening of the China Development Forum in Beijing on March 20.

As the world economy is undergoing a weak recovery and the Chinese economy is facing downward pressure, China must take care to maintain appropriate economic growth and vigorously carry out supply-side structural reforms, he said.

China will adopt stable macro policies over the next five years while continuing a proactive fiscal policy and a prudent monetary policy, according to Zhang.

China should introduce well-targeted industrial policies and flexible micro policies to promote innovation and stimulate the vitality of enterprises, he pointed out.

Zhang also said the country will continue to carry out market reforms.

He stressed people’s livelihoods and said that China will make employment a priority as structural reform puts pressure on the job market.

Zhang also demanded adherence to innovative, coordinated, green, open and shared development, which was included in the new Five-Year Plan covering 2016-2020.

He told the opening ceremony that China is not only a beneficiary of globalization, but also an important contributor to world economic growth and stability.

China contributed over 25 percent of global economic growth in 2015. Its non-financial outbound direct investment grew 14.7 percent year on year to $118 billion, official data showed.

China’s development will bring other countries more opportunities for investment, according to the vice-premier.

Noting the Group of 20 (G20) summit will be held in China’s Hangzhou this year, he called for joint efforts to promote the building of “innovative, dynamic, coordinated and inclusive” world economy.

Hosted by the State Council’s Development Research Center, the annual China Development Forum is a platform for business and academic leaders to interact with China’s top decision makers and economic planners.