China Outlines Economic Reform to Cut Government Intervention

China’s cabinet announced detailed plans on deepening economic reform on Monday, fulfilling its pledge to cut government interventions that hinder more robust growth in the world’s second-largest economy.

In an executive meeting of the State Council headed by Premier Li Keqiang, the government vowed to take a pragmatic approach in pushing reforms and to mobilize resources and waste no time to make them successful.

“Facing the current tasks of stabilizing growth, controlling inflation, mitigating risks and striving to foster an ‘upgraded version’ of the economy, it is imperative to take pragmatic moves to deepen reforms,” according to a statement released after the meeting.

Efforts should be focused on pushing the targeted reforms which have accumulated conditions to realize and could produce chain effects. Resolution is needed to make them successful to release more bonus from reform and spur vitality for social and economic development, the statement continued.

In its detailed plan, the government will cancel or delegate power to lower levels concerning 62 items that were previously subject to central government administrative approval, after similar approaches were taken on 71 items last month.

It will improve measures to check local government debts and make the budget system more transparent and standardized.

via Xinhua

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