China to focus on improving economic quality and efficiency next year
The National Development and Reform Commission (NDRC) indicated that most reform policies to be released this year have been introduced and excellent results have been achieved. It is learnt from authorities that the reform will focus on further deepening the economic system reform and improving the quality and efficiency. Central and local governments will further introduce and implement policies and speed up in reforming to improve the market environment and stimulate market participants.
It is learnt that 2017 is a crucial year for deepening the reform of the economic system and central and local governments have released various reform measures to deepen in reform of the economic system.
The central government has released various measures recently. The State Council issued the decision on the revision of certain administrative regulations recently. 15 administrative regulations have been revised to optimize services reform and stimulate the market and social vitality in the principles of streamlining of administration and delegating powers. The State Administration for Industry and Commerce, the Ministry of Commerce and the General Administration of Customs also issued documents on the establishment of channels and mechanism for information sharing, the strict control on information collection and other work. The Ministry of Finance also required implementing preferential taxation policies on technology-advanced enterprises from January 1, 2017.
The NDRC, the Ministry of Finance and the Ministry of Commerce also released rules on the review of fair competition, stipulating that relevant not conducting the review on fair competition or introducing policies in violation of the criteria on review will be punished.
Local governments also released policies on advancing the economic system reform. Chongqing issued opinions on the integration of various licenses into one and streamlined the procedures in applying for licenses. Shanxi introduced measures to advance the transformation of government functions and administrative approvals. Hubei further upgraded the online industrial and commercial registration system and all market participants can conduct online application for registration businesses.
Almost all central and local policies focus on further improving the market competition system and stimulate market participants to improve the quality and efficiency. Experts indicated that China’s modern market system is developing and faces restrictions on fair competition. It has to further promote a modern economic system with fair competition, autonomous consumption and free flow of commodities and factors. The focus of reform will be the establishment of fair and transparent market rules and creating an excellent environment for market access, competition and consumption.
It is learnt that the central and local governments will further strengthen reform and promote the reform in power, natural gas, finance, transportation and medical industries to further stimulate the market and generate new drivers.
China’s high-speed economic growth is transforming towards high quality and financial reform is an integral part of the economic reform, indicated Wang Yu, deputy director of the research bureau of the People’s Bank of China. On the one hand, it will establish the modern financial enterprise system and further improve the internal stimulation mechanism and the external restriction system of financial institutes. It will improve the corporate governance of financial institutes and market rules and strengthen the market vitality and prevent financial risks. On the other hand, it will break the monopoly and allow more qualified market participants to participate in the financial market to improve the efficiency in serving real economies.
Translated by Star Zhang
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