Date
11 December 2017
China plans to step up the reforms pace to shore up its economy. Photo: Bloomberg
China plans to step up the reforms pace to shore up its economy. Photo: Bloomberg

China seeks 2014 breakthrough on key economic reforms

China plans to speed up economic reforms and strive for breakthroughs in key areas this year, with authorities focusing on issues such as market-oriented pricing for resources, telecom and medical services, and promotion of diversified shareholding structure in state-owned enterprises.

Citing guidelines issued by the National Development and Reform Commission after the 2014 China Economic System Reform Conference, Shanghai Securities News reported Wednesday that the government has outlined nine targets to be achieved this year.

The list includes state-owned enterprises reform, urbanization planning as well as resources products pricing reform, it said.

Excluding a few SOEs which are engaged in industries related to national security or those that involve state investments, other sectors will be open to non-state capital, including industries such as telecom, power, petroleum and natural gas, the report said.

In addition, the government will further streamline approval procedures for some projects, delegate powers to enterprises, and let the market play a “decisive role”.

An NDRC official was quoted as saying that authorities are also looking at opening up the infrastructure and public utility sectors through the franchising route. Relevant laws and regulations are expected to be rolled out soon.

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