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China to further improve socialist market economy in new era

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Added On May 19, 2020

 China has issued a guideline to accelerate the improvement of its socialist market economy in the new era to build a high-level socialist market economy that is more systematic, mature and well-shaped. 

 
The guideline issued on Monday said that China will uphold and improve the basic socialist economic system of keeping public ownership as the mainstay, and allowing multiple forms of ownership to develop together.
 
It also stressed minimizing the government's direct allocation of market resources, and direct intervention in microeconomic activities.
 
The guideline said that China will unswervingly expand opening-up, draw on the experience of other mature market economy systems and achievements of other civilizations, and accelerate efforts to align domestic systems and rules with international ones.
 
It also said the country will improve the market, policies, rule of law and social environment for supporting the development of private businesses and foreign-invested enterprises.
 
The guideline also vowed to promote innovation in government management and service methods, and improve the macroeconomic governance system.