The Development Research Center of the State Council has completed a draft reform plan which will be submitted to the third plenary session of the Communist Party in November, Caixin.com reported Wednesday. The proposal covers eight key areas including administrative, land and financial reform. It is intended to accelerate national development by bringing more vitality to the economy, the report said. The draft seeks to sharply reduce direct administrative interference in economic activities such as setting loan quotas and caps on land sales and production capacity. It also proposes lower entry thresholds in the financial industry, faster interest rate liberalization and a 10-year target for turning the renminbi into a reserve currency in certain markets, the report said.
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