China eyes more market-oriented economy to spur growth

China will endeavor to make new breakthroughs in market-oriented reforms to unleash and develop productive forces, the country's cabinet said in a statement Thursday. 

China's State Council on Thursday released a guideline on improving the distribution of all factors of production, with the aim to establish a more market-oriented, fair and transparent economy. 

Listed companies will be encouraged to distribute cash dividends to investors. In the meantime, the systems of stock issuance, trade and delisting will be perfected building on market- and law-based principles. 

China will build a sound investor protection system and press ahead with a civil litigation system for the securities industry with Chinese characteristics, the statement said. 

China is to expedite the development of the bond market by enlarging its scale and enriching the bond varieties, so as to promote the connectivity of worldwide bond markets.  

The information disclosure standards for corporate credit bond will be unified and the bond default settlement mechanism will be improved. Exploration for a registration-based issuance system for corporate bond will be put on the agenda. 

The country will strengthen the unified access management of credit rating agencies to the bond market to build up the industry's benign development, said the statement. 

Meanwhile, the country will further expand the opening up of the financial industry in an orderly manner and steadily promote renminbi capital account convertibility to spur its internationalization. 

Emphasis will be put on both domestic and international markets via gradually opening securities, fund and futures sectors to the outside world.  

Domestic financial institutions will be encouraged to participate in international market while market access for foreign counterparts will also be eased as part of efforts to deepen financial reforms.