On Monday, the official Xinhua News Agency said that China would boost economic reforms as growth slows by opening up more sectors to private companies and decrease direct government interference in microeconomic activities.
The country will establish a new regulation, control mechanism which prioritizes policies on the fiscal, monetary, and fiscal issues, support the market-based interest rate reform, while also accelerating the two-way fluctuations of the currency.
According to a wide-ranging document detailing Beijing’s guidelines on boosting the country’s socialist market economy, the country will launch a new round of medium and long-term national plans for scientific development.
The document also mentioned that state capitals would be pushed to invest in areas critical to the country’s economy, science and technology, along with the defense and security sectors.
The country plans to liberalize the pricing of domestic natural gas in the future, responding to the demand for equal access to oil and gas infrastructure. At the moment, Beijing is regulating wholesale gas prices by setting city-gate prices and launching the planned national oil and gas pipeline group previously announced in December last year.
Other than that, the document also stated that the property tax legislation is to be pushed forward gradually.
