Li Qiang proposed in the government work report to continue deepening reforms in key areas

Xinhua News Agency, Beijing, March 5 — Premier Li Qiang delivered the government work report today, emphasizing the need to deepen reforms in key areas. Focusing on building a high-standard socialist market economy system, strengthening reform efforts, breaking down institutional and systemic barriers, and boosting the momentum and vitality for high-quality development.

Advance the construction of a unified national market. Develop regulations for building a unified national market. Improve systems for statistics, finance and taxation, and assessment; standardize local government economic promotion activities; issue lists of encouraged and prohibited investment promotion items for local governments; regulate tax incentives and fiscal subsidy policies. Deepen reforms of the bidding and tendering system. Strengthen anti-monopoly and anti-unfair competition measures, enforce strict fairness review constraints, and use comprehensive tools such as capacity regulation, standards guidance, price enforcement, and quality supervision to address “involution” competition and create a healthy market environment. Pilot comprehensive reform of factor market allocation, including more regions that meet the criteria. Steadily promote price reforms for utilities and public services.

Advance fiscal, tax, and financial system reforms. Increase fiscal resources and budget coordination; raise the share of state capital returns. Strengthen scientific fiscal management, deepen zero-based budgeting reforms, and expand pilot areas for central departments. Improve the local tax system and expand local tax sources. Adjust and optimize the scope and rates of consumption tax, and promote the shifting of some tax collection points. Regulate competition among financial institutions, and promote the reduction and quality improvement of local small and medium-sized financial institutions. Continue to deepen comprehensive reforms of capital market investment and financing, further improve mechanisms for long-term funds entering the market, enhance investor protection systems, expand exit channels for private equity and venture capital funds, and increase the proportion of direct and equity financing.

Fully stimulate the vitality of various business entities. Adhere to and implement the “two unwavering” principles. Develop and implement plans for further deepening state-owned enterprise reform, optimize the layout and structure of the state economy. Improve supporting laws and policies for the promotion of the private economy, ensuring equal access to production factors, fair participation in market competition, and effective protection of legal rights and interests from legal and institutional perspectives. Improve the modern enterprise system with Chinese characteristics. Promote entrepreneurial spirit, support the healthy growth of young entrepreneurs. Foster win-win development for platform enterprises, platform operators, and workers. Provide targeted assistance to individual businesses based on classification. Make greater efforts to resolve overdue payments to enterprises. Continue to create a first-class business environment to better support enterprises in operating with peace of mind and achieving high-quality development.

(Edited by: Wen Jing)

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