President Xi Jinping has called for better coordination between government work and market forces in order to ensure healthy and sustainable economic and social development, Xinhua news agency reported.
The government will continue its efforts to let market forces play a “decisive” role in allocation of resources, while reducing state intervention in market activities, Xi was quoted as saying at a forum of the Political Bureau of the Communist Party of China Central Committee on Monday.
Describing the relationship between government and the market as the core issue in economic reform, the Chinese leader said the roles of the two are not contradictory and that they should not be pitted against each other.
“China will use both ‘visible’ and ‘invisible’ hands to promote complementation, coordination and mutual progress between government and the market,” Xi said.
Although economic reform has made progress in recent decades, market vitality in the country is still restrained by many institutional flaws.
Xi said the government will stick to market-oriented reform and refrain from intervening in microeconomic activities. It will forge a unified and open market, in which economic entities can compete fairly under a set of transparent rules.
Towards that end, authorities will improve macroeconomic control measures, optimize public services and enhance social justice, Xi added.
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