Systematic Advancement
China issued a guideline on May 18 to improve its socialist market economic system through market-oriented reforms and high-level opening up to drive high-quality development of its economy.
The measures focus on boosting market vitality and fair competition, improving social security and public health emergency management systems, widening the opening up and enhancing laws and regulations to address remaining problems such as an unsophisticated market system and inefficient resource allocation, the National Development and Reform Commission said.
The government will improve the basic economic system, focusing on public ownership, and allow development of multiple forms of ownership at the same time. It will minimize the direct allocation of market resources and intervention in microeconomic activities, and boost innovation and competitiveness of the economy.
