Clear obstacles to reforms

At a time when China's economy has entered a new normal, reform is the most effective instrument for pushing forward the necessary economic transformation.

From the cancellation of administrative approval procedures to the reform of the corporate registration system, from the lifting of some limitations on private capital entering the banking sector to experimental reforms of State-owned enterprises, and from the effort to reform the fiscal and taxation system to the effort to reform the rural land system, the country has demonstrated its resolve and courage to break through the barriers impeding development

However, some are still lax in their efforts to implement the central government reform measures. For example, some local governments have refused to delegate administrative powers to lower levels or simplify administrative approval procedures, and, as a result, time has been wasted and operational costs increased on the part of companies for no reason. Meanwhile, a lot of barriers to private capital investment are still in place in some sectors despite the demolition order from top decision-makers.