Liu He, director of the Office of the Central Leading Group for Financial Affairs and the deputy director of the National Development and Reform Commission, today (January 24) interpreted China's economic policy in the "Winter Davos Forum 2018". Liu He said that China's financial system is generally sound and its financial risks are the most prominent. It will strive to effectively control the financial leverage over a period of about three years. The economy of China appears to have stabilized and improved. The fundamentals have not changed in the long run. China's per capita income is at the level of 8,000 U.S. dollars and is moving toward the level of 10,000 U.S. dollars. China's economic restructuring has taken place and will shift from rapid growth to high-quality growth. In 2016, China's total factor productivity growth rate has seen an inflection point from decline to rise. China will launch a new reform and opening up drive at the 40th anniversary of the reform and opening up, to a greater extent or beyond the expectations of the international community. Liu He said: "China will launch a new reform and opening up drive at the 40th anniversary of the reform and opening up, and China is ready to expand its opening up in a number of sectors in the manufacturing industry, including those in the service sector, China's opening to the outside world will focus on the financial industry, manufacturing industry and service industry, protecting property rights and especially intellectual property rights, etc. China will reduce its import tariffs on automobiles in an orderly manner, and China will launch a new measure of greater reform and opening up. Some measures for reform and opening up May exceed the expectations of the international community. "