China Deepens Market-Oriented Reform to Expand Opening-Up

The Chinese Communist Party Central Committee and the State Council recently issued a guideline in a bid to accelerate the improvement of the socialist market economy in the new era. The guideline – dated 11 May 2020 – calls for the comprehensive deepening of the reform of the economic system and the accelerated enhancement of the socialist market economy with focus on improving the system of property rights and market-based allocation of production factors to build a market system of high standards. Efforts will be made to ensure that property rights provide effective incentives for individuals, production factors flow freely, prices react swiftly to market changes, competition is fair and orderly and well-run businesses survive. Steps will also be taken to strengthen and improve institutional supply, advance the modernisation of the country’s governance system and governance capability, and promote development that is more sustainable and of high quality.

Source: State Council