China to further advance reform and opening-up, says vice premier

Xinhua
China will further deepen domestic reforms and open up wider to the outside world, Chinese Vice Premier Liu He said here Wednesday.
Xinhua

China will further deepen domestic reforms and open up wider to the outside world, Chinese Vice Premier Liu He said here Wednesday.

Liu, who signed the phase-one China-US economic and trade deal with US President Donald Trump in the White House earlier in the day, made the remarks during a briefing in the afternoon with some Chinese press.

Asked about what the deal means to China's reform and opening-up drive, Liu said that the goal of China's economic reform is to let the market play a decisive role in resources allocation and improve government functions on the premise of upholding the socialist system.

China has achieved rapid economic growth while maintaining lasting social stability, a great feat that should be attributed mainly to the leadership of the Communist Party of China and the country's socialist system, Liu added.

"We will continue to be committed to creating conditions for the Chinese people to satisfy their needs for a better life," said the vice premier.

Liu, also a member of the Political Bureau of the CPC Central Committee, laid out four major areas for the next phase of China's reforms, the first of which is to invigorate micro-entities in the market, deepen the reform of state-owned enterprises, and facilitate the development of the private sector.

Secondly, market rules should be reinforced and fair competition promoted, said the vice premier.

The third priority is to further transform the functions of the government, which means the government should pull itself out from trivial businesses and focus more on macroeconomic regulation and public services, said Liu.

Last but not least, China will promote social reforms, insist on the perfection of social security system according to China's domestic situation, attach more importance to education and training, and expand human capital, added the vice premier.  

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