Detailed plans announced to reduce govt intervention

Source:Xinhua-Global Times Published: 2013-5-6 23:48:01

China's cabinet announced detailed plans Monday on deepening economic reform, fulfilling its pledge to cut government intervention that hinders growth in the world's second largest economy.

In an executive meeting of the State Council presided over by Premier Li Keqiang, the government vowed to take pragmatic approaches in pushing reforms and mobilize resources and waste no time in making them successful.

It will cancel or delegate power to lower levels concerning 62 items that were previously subject to central government administrative approval, according to a statement released after the meeting.

The cabinet also stressed the significance of reining in local government debt risk as part of the government's efforts to build on an open, transparent budget regime.

The nation's financial regime reform that has recently been hotly talked about was also addressed by the meeting, which called for a steady push forward with the country's liberalization of interest rates and currency rates, and a feasability plan to make the yuan convertible under capital accounts.

More moves were urged as well to expand conduits for individual investors to tap into overseas markets.

The latest pledge came shortly after a cabinet announcement on April 24 about similar approaches that had been taken on 71 items.

Government functions at ministerial level need to be changed to reduce administrative intervention in the market and on social issues as part of the country's efforts to build an efficient and law-based government with a clear division of power, reasonable distribution of labor and well-defined responsibilities, according to a report adopted by the National People's Congress in March.

Xinhua - Global Times

Posted in: Economy

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