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Official: China to build high-level socialist market economy

CGTN

China will deepen and upgrade the reform of state-owned enterprises (SOEs) to strengthen their core functions and core competitiveness, and promote state capital and SOEs to grow stronger, better and larger, a senior official said Friday.

Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, made the remarks at a press conference on the guiding principles from the just-concluded plenum.

China vowed to create a favorable environment to offer more opportunities for private enterprises and enhance mechanisms for private companies to participate in major national projects, Han said.

China will also accelerate efforts to build a high-standard market system, which is a major reform task for the country, he added.

Efforts will be made to build a unified national market, including the development of a unified urban-rural construction land market, a nationwide integrated technology and data market, and a unified national electricity market.

The country will improve the market system and rules for production factors such as labor, capital, land, knowledge, technology, management and data, Han told the press.

Emphasizing the need to foster an entrepreneurial spirit, Han said the country will accelerate the building of more world-class enterprises.

(With input from Xinhua)

(Cover: Futian District in Shenzhen City, south China's Guangdong Province, May 16, 2024. /CFP)

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