China has unveiled ambitious plans to deepen reforms of its state-owned enterprises (SOEs), aiming to strengthen their core functions and competitiveness to foster a high-level socialist market economy.
Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, announced the initiatives at a press conference on Friday following the conclusion of a significant plenum. Han emphasized that the country intends to promote state capital and SOEs to become stronger, better, and larger.
The reforms are set to create a favorable environment for private enterprises, offering more opportunities and enhancing mechanisms for their participation in major national projects. “China vowed to accelerate efforts to build a high-standard market system, which is a major reform task for the country,” Han stated.
Key efforts include building a unified national market, developing a unified urban-rural construction land market, establishing a nationwide integrated technology and data market, and creating a unified national electricity market.
Han highlighted that the country will improve the market system and rules for production factors such as labor, capital, land, knowledge, technology, management, and data. Emphasizing the importance of fostering an entrepreneurial spirit, he added that China will accelerate the building of more world-class enterprises.
The initiatives reflect China’s commitment to modernizing its economy by enhancing the efficiency and competitiveness of both state-owned and private enterprises within its unique socialist market economy framework.
Cover image: Futian District in Shenzhen City, south China’s Guangdong Province, May 16, 2024. /CFP
Reference(s):
Official: China to build high-level socialist market economy
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