At the opening of the Communist Party Congress, Xi said China will push for pro-market reforms of its exchange rate and financial system, while letting the market play a decisive role in allocating resources.
China will deepen economic and financial reforms and further open its markets to foreign investors in a bid to shift from high-speed to high-quality growth, President Xi Jinping said Wednesday.
At the opening of the Communist Party Congress, Xi said China will push for pro-market reforms of its exchange rate and financial system, while letting the market play a decisive role in allocating resources.
"China's open door will not be closed, but will be opened wider", he claimed Xi Jinping.
The government will "remove rules and practices that hinder a unified market and fair competition, support the development of private firms and stimulate the vitality of all types of business entities," Xi said, while pledging to further open up China's service sector to foreign investors.
However, although he expressed his Support for market reforms and private firms, Xi also called for stronger and larger state firmseg.
The government will "promote the strengthening, improvement and expansion of state capital, (and) effectively prevent the loss of state assets, deepen the reform of state-owned enterprises, develop a mixed-ownership economy and will cultivate world-class firms that are globally competitive"Xi noted.
Xi's 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.
But foreign executives and analysts are increasingly convinced that market liberalisation is seen as secondary to its state-led approach to economic policy and its focus on stability.
Under Xi, several painful reforms that many analysts say are necessary have also failed to make much progress.
Source: Reuters
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