China to deepen reforms in fundamental, key areas in 2018: premier

Updated 2018-03-05 11:45:02 Xinhua

China will endeavor to make new breakthroughs in reform this year and continue to unleash and develop productive forces, Premier Li Keqiang said Monday.[Special coverage]

China will be bolder in reform and opening up, he said when delivering a government work report at the opening meeting of the annual parliamentary session, calling it "a game-changing move in making China what it is today."

"It now remains a game-changing move for us to achieve China's two centenary goals," the premier said.

Reforms will be advanced in state capital and state-owned enterprises(SOEs). "Our SOEs should, through reform and innovation, become front-runners in pursuing high-quality development," he said.

Reforms introducing mixed ownership in SOEs will be carried forward prudently, according to Li.

The development of private enterprises will also be supported, he said, pledging to fully implement all policies and measures in support of non-public sectors, earnestly address salient problems that concern private companies, and take firm action to remove hidden barriers.

China will improve property rights systems, the cornerstone of the socialist market economy, as well as mechanisms for market-based allocation of the factors of production.

Meanwhile, the country will continue structural fiscal and tax reforms, speed up reforms in the financial sector, advance institutional social reforms and build a more robust system for developing an ecological civilization.

"We will improve local tax systems, and prudently advance legislation on real estate tax," the premier said, adding that the government will also reform the personal income tax.

The financial service system will be reformed and improved, and efforts will focus on solving financing problems of small and micro enterprises.

China will deepen reforms to make the interest rate and exchange rate more market-based, and see that the RMB exchange rate remains generally stable at an adaptive and equilibrium level, he said.

For institutional social reform, the government will deepen reform of the old-age pension system, and establish a central system for enterprise employees' basic old-age pension funds to be used inter-provincially.

Reforms will also be advanced in the healthcare sector and continued in sectors like education, culture and sports.

To enhance ecological protection, China will reform and improve the ecological and environmental regulation system, strengthen regulation over the use of natural ecological spaces, roll out a compensation system for ecological and environmental damage, and improve the compensation mechanisms for ecological conservation.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58June 18 2018 10:13:48

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16June 18 2018 10:13:48

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18June 18 2018 10:13:48

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords