MADRID, Nov. 27 (Xinhua) -- The Spanish government approved the Draft Law on Sustainable Economy on Friday in a bid to create conditions for a new economic growth model in the country, a senior government official said.

    On the basis of reforming salary transparency regulations and increasing the amounts of payments by the public administrations, the draft law is expected to create more jobs. It is also expected to open up new opportunities for economic development to help the country develop a more sustainable economy, said Economy Minister Elena Salgado.

    The economy minister added that the new law will revamp the Spanish economic model in a decade through deepening economic reforms which aim at building a "more sustainable and fairer" economy in the country.

    According to the official, the new draft law will foresee three great changes: It will provide more transparency in the financial system, boost dynamism in corporations, and develop the economic sectors which are involved in the fight against climate change and favor innovations in all sectors of the economy.

    She said changes will also take place in the public contracts in order to strengthen the competitiveness of the real estate sector by implementing new tax exemptions and reductions.

    The economy minister added that the government will also take measures to improve the financial system, readjust organizational structures, internationalize companies and simplify their relations with the government. Moreover, she said, the government would make efforts to strengthen collaboration between public and private sectors in infrastructure and adopt fiscal incentives for private companies which invest in transformations and innovations.