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 Opinions Released to Accelerate Improvement of Socialist Market Economy in New Era
Category:Legislative Updates  
Subject:System reform  
Keywords:State Council;  socialist market economy
Publish Date:05-22-2020
The Communist Party of China (CPC) Central Committee and the State Council recently issued the Opinions on Accelerating the Improvement of the Socialist Market Economy in the New Era.
First, China will continue to uphold the primary socialist economic system of public ownership and the co-development of multiple forms of ownership, and redouble efforts to energize micro entities. Second, China will consolidate the fundamental regimes of market economy to ensure a level playing field. Third, the Opinions urge the improvement of market-oriented allocation systems and mechanisms of factors of production to further stimulate creativity of the whole society and market vitality. Fourth, the Opinions call for innovation in the administrative and service modes of governments and the improvement of the macroeconomic governance system. Fifth, China will uphold and improve the system of safeguards for people's livelihood, and promote social equity and justice. Sixth, China will build a higher-level and open new economy system to promote reform and development through opening up. Seventh, the country will improve the legal system for the socialist market economy, and strengthen the safeguards for rule of law. Eighth, the Opinions require the persistence and fortification of the Party's comprehensive leadership to ensure the effective implementation of reform measures.
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