China vows to consolidate public sector while stimulating private economy

China vowed to make effective moves to stimulate the vitality of market entities with measures including promoting reform in key areas, removing institutional barriers and fostering a fairer and more dynamic market environment, according to a government work report submitted on Wednesday to the national legislature for deliberation.

Chinese Premier Li Qiang delivered the work report on behalf of the State Council at the opening meeting of the third session of the 14th National People's Congress in Beijing.

The report said that China will continue to deepen state-owned enterprise (SOE) reform, including refining the layout and adjusting structure of the state-owned sector, and moving faster to establish a system to assess SOE performance in fulfilling their strategic missions.