China’s top economic planner said Wednesday that reform is still the basic driving force for China’s development in the future.
China plans to establish a relatively complete socialist market economy by 2020. And according to the guidelines of the 18th National Congress of the Communist Party of China last year, the key issue to achieve this target is to well handle the relationship between government and market, or further reinforcing market’s role in resource allocation and government’s role in regulation.
“The first step is to further improve the basic economic system. China must unwaveringly develop the public sector and encourage the development of the non-public sector. The other steps are to deepen the reforms of the state-owned enterprises, the fiscal and tax systems, the financial system, the investment and financing system, the pricing system, the public institutions, and the income distribution system,” said Zhang Ping, minister in charge of the National Development and Reform Commission, China’s top economic planner, at a press conference on the sidelines of the first session of the 12th National People’s Congress.
Zhang also stressed the reform measures experimented in Qianhai as a pilot zone will provide experiences for nationwide reform and opening up.
“In the current situation, the Qianhai Zone in Shenzhen is a test field in boosting the cooperation between mainland, especially areas like Guangdong and Shenzhen, with Hong Kong. And it is also a test field for deeper reforms,” added Zhang.
The Qianhai Zone, a stretch of 15-square-km reclaimed land in Qianhai Bay in western Shenzhen near Hong Kong and Macao, is considered a test field for the mainland’s financial opening up, after steps were taken by the government to boost the internationalization of the Chinese currency RMB, or the yuan.
More than 180 financial enterprises had registered in Qianhai by the end of November 2012, accounting for 76 percent of all the companies attracted to the area, according to data from the Qianhai Administration Bureau.
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