Priorities announced for economic reforms
China’s State Council, or cabinet, released an annual economic reform plan for 2015, laying out 39 tasks in eight areas.
The National Development and Reform Commission, the country’s top economic planner, formulates the plan every year, which is widely deemed as a mini version of the annual government work report delivered by the premier in March. Comparing it with previous plans, analysts said the 2015 document highlighted the significance and urgency of further and quicker reforms in State-owned enterprises (SOE) and the financial sector.
The 2015 plan listed SOE reforms as the second most important aspect, compared with a fourth place in the 2014 document. The plan said the government will make or revise 16 sets of regulations to reinvigorate the public sector: restructuring centrally administered SOEs, lowering market threshold for private investors and overhauling the supervision mechanism to prevent losses of State assets.
“This is the first time for the government to elaborate on the direction of SOE reforms,” said Li Jin, chief researcher with the China Enterprise Research Institute.