China Sets Pri­or­i­ties for Eco­nomic Re­form

China's Foreign Trade (English) - - Briefing -

The State Coun­cil, China’s Cab­i­net, re­cently un­veiled this year’s top eco­nomic re­form pri­or­i­ties.

The re­forms for 2016 touched upon 10 fields, rang­ing from state- owned en­ter­prise (SOE), to the open­ing- up pol­icy, the State Coun­cil said in a state­ment.

The cen­tral gov­ern­ment said it will en­cour­age pri­vate en­ter­prises to take part in the SOE re­form and pri­vate cap­i­tal will be al­lowed to in­vest in key sec­tors in­clud­ing power, oil, nat­u­ral gas, rail­way, avi­a­tion and tele­coms.

To boost sus t ain­able g rowth, the gov­ern­ment will un­veil more mea­sures to help re­searchers com­mer­cial­ize their find­ings and fa­cil­i­tate in­no­va­tion and en­trepreneur­ship.

In the state­ment, the gov­ern­ment vowed to fur­ther cut red tape, loosen con­trols on mar­ket ac­cess and in­vest­ment, and push for­ward sup­ply- side struc­tural re­forms, to re­duce over­ca­pac­ity, de­stock, delever­age, re­duce costs and shore up weak growth ar­eas.

In terms of tax­a­tion, the VAT pro­gram will ex­pand to all in­dus­tries this year, while taxes on im­ported con­sumer goods are ex­pected to be slashed, eas­ing the tax bur­dens of both en­ter­prises and or­di­nary con­sumers.

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