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

Updated: Jan 16,2020 04:36 PM    Xinhua

WASHINGTON — China will further deepen domestic reforms and open up wider to the outside world, Vice-Premier Liu He said in Washington on Jan 15.

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 (CPC) 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.

Calling opening-up a "fundamental national policy" for China, the vice-premier said the government is stepping up efforts in four aspects, the first of which is to broaden market access in an orderly manner. As the country's manufacturing sector has reached a high level of openness, opening up such sectors as modern service, agriculture, and infrastructure will be the focus of the next stage.

Secondly, China will learn from international practices to perfect its business environment, so as to enable foreign companies to compete on a level playing field and ensure that their intellectual property rights are effectively protected.

China has fully opened up its current account, Liu said, adding that the country will continue with its efforts to prevent and control risks, push for the opening-up of its capital account in a prudent and orderly manner, and enhance the regionalization and internationalization of the Chinese currency.

Fourthly, China will actively participate in the international economic and trade rule-setting, conduct close cooperation with developing and emerging market countries, and promote the building of a fairer and more reasonable international economic order, the vice-premier said.

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