BEIJING, May 7 (Xinhuanet) -- China’s State Council has announced a detailed plan on deepening economic reforms. The plan aims to fulfill the pledge to cut the central government’s intervention, which is hindering more robust growth in the country. Premier Li Keqiang hosted the executive meeting of the State Council on Monday, vowing to take a pragmatic approach in pushing reforms.
A statement reads: "Facing the current tasks of stabilizing growth, controlling inflation, mitigating risks and striving to foster an ’upgraded version’ of the country’s economy, it is imperative to take pragmatic moves to deepen reforms."
Efforts will be focused on pushing targeted reforms, which will then lead to a trickle effect throughout China’s economy.
The plan outlines how 62 items will no longer require the central government administrative’s approval, or will be delegated to the lower governmental levels. Last month, a similar move was taken by the central government with 71 items.
It also highlights measures to curb the local government’s debts, and make the budget system more transparent and standardized.
The central government has reiterated its determination to introduce more market-oriented reforms on foreign exchange and interest rates.
It will encourage and support private capital use in owning and operating inter-city and regional railways, and investment in the current lines.
In terms of basic living needs, the central government will establish a tiered pricing system for consuming electricity, water and gas.
Further efforts will be made to deepen reforms in state-run hospitals, and accelerate medicare insurance for serious illnesses in both urban and rural areas.
The central government will enhance the distribution of security housing and strengthen monitoring, as well as a fine system for damages to the environment.
It also plans to implement the strictest regulatory policies on food and medicine safety.
Residential system reforms will be promoted to fulfill high-quality urbanization, with an innovative medium- and long-term development planning.
Modernized agriculture will also receive a boost, with a solid system of confirming and registering property to protect the rights of people in rural areas.
Finally, the central government will push technical innovation and integrating of resources in an enterprise-oriented policy.
Since 2001, the State Council has introduced six rounds of reforms canceling or adjusting its intervention in over 2,400 investment and production items.
(Source: CNTV.cn)
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