Door will open wider to foreign investors
Print Edition
China will deepen economic and financial reforms and further open its markets to foreign investors as it looks to move from high-speed to high-quality growth, President Xi Jinping said yesterday.
It will push ahead with market-oriented reforms of its foreign-exchange rate as well as its financial system, and let the market play a decisive role in the allocation of resources, Xi said.
鈥淐hina鈥檚 open door will not be closed, it will be only be opened wider,鈥 he added.
The government will 鈥渃lean up rules and practices that hinder a unified market and fair competition, support development of private firms and stimulate vitality of all types of market entities,鈥 Xi said, while pledging to further open China鈥檚 service sector to foreign investors.
However, while expressing support for market reform and private firms, Xi also called for stronger, bigger state firms.
The government will 鈥減romote strengthening, improvement and expansion of state capital, effectively prevent loss of state assets, deepen reform of state-owned enterprises, development a mixed-ownership economy and cultivate globally competitive world-class firms.鈥
Xi鈥檚 comments reiterated a long-standing pledge by Party leaders to give a greater role to free-market forces to improve efficiency and put the economy on a more sustainable growth path.
China should also strengthen consumption as a foundation for economic development, Xi said, and will expand the middle class and narrow the gap in development between rural and urban areas.
A campaign to rein in high debt levels and industrial overcapacity will continue.
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