Sustained reforms to drive growth

BEIJING - China's economic transition toward high-quality development requires further reform and opening-up, a senior Chinese official said on Thursday at a forum hosted by the Institute of Economics of the Chinese Academy of Social Sciences.

"Governments should substantially reduce their role in direct resources allocation, and channel more energy into macro regulation, public services, market supervision, social management and environmental protection," said Yang Weimin, deputy head of the Office of the Central Commission for Financial and Economic Affairs.

"Resources allocation should be based on market rules, prices and competition," Yang said at the forum marking the 40th anniversary of China's reform and opening-up.