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State Council to deepen economic reform in 2015

Updated: May 18,2015 7:00 PM

The State Council issued an opinion to deepen economic reform in 2015, which was initiated by the National Development and Reform Commission on May 18. Aimed at deepening reform and stimulating the economy, the opinion sets out 39 targets in eight areas.

First, maintain administrative streamlining and delegating power. Speed up reform of administrative approvals and the business system and gradually formulate the new management model of power, duty and negative lists.

Second, deepen reform of enterprises to invigorate market players. Carry out reforms of State-owned enterprises and deepen the reform of key industries, such as electricity. Support the healthy development of the non-public ownership economy.

Third, implement an overall plan of fiscal and tax reform. Enforce a comprehensive, standard, open and transparent budget management system. Enlarge the scope to replace income taxation with added-value taxation in construction, real estate, the financial and service industries.

Fourth, carry out financial reform to perfect the system in which finance is set to serve the real economy, creating a financial system which is open to domestic and foreign investors. Continue the marketization of interest rates and gradually push forward the convertibility of RMB capital items.

Fifth, push forward urbanization and the reform of agriculture and technology. Optimize the economic structure.

Sixth, construct an open and new economic system to start a new round of high-level opening-up. Improve the win-win international capacity cooperation system. Deepen reforms in building pilot free-trade-zones while implementing the Belt and Road strategy.

Seventh, deepen reforms of social welfare, including education, medical welfare, income allocation, social insurance, and affordable households.

Eighth, accelerate construction of an ecological civilization which advocates energy conservation and emission reductions to protect the environment.

The opinion urged the various departments and governments at all levels to improve their working systems to ensure the actual implementation of all the reform measures.