China to build high-level socialist market economy

BEIJING -- China will comprehensively deepen reform to build a high-level socialist market economy, according to the full text of the Communist Party of China (CPC) Central Committee's development proposals made public on Tuesday.

China will uphold and improve the basic socialist economic system, give full play to the decisive role of the market in resource allocation, let the government better play its role, and promote the better integration of an efficient market and a capable government, said the document.

The proposals emphasize the need to stimulate the vitality of various market entities, optimize macro-economic governance, establish a modern fiscal, taxation and financial system, foster a high-standard market system and speed up the transformation of government functions.

China will unswervingly consolidate and develop the public sector of the economy and encourage, support and guide the development of the non-public sector, the document said.

In terms of macro-economic governance, the country will improve a macro-economic governance system featuring optimized objectives, appropriate labor distribution and efficient coordination, with national development planning playing a strategic guiding role, fiscal and monetary policies being the major means as well as a close coordination of policies in employment, industries, investment, consumption, environmental protection, and regional development, it added.

To establish a modern fiscal, taxation and financial system, China will beef up overall planning of fiscal resources and mid-term fiscal planning management. It will also build a modern central bank system, improve the money supply regulation mechanism, prudently promote the research and development of digital currency, and improve the market-oriented interest rate formation and transmission mechanism.

To foster a high-standard market system, China will improve the basic institutions of the market system and create a highly efficient, regulated, and unified domestic market with a level-playing field.

To speed up the transformation of government functions, China will build a law-based government administration with well-defined functions and duties, and improve a market-oriented, law-based and internationalized business environment.