China deepens reform to energize market, stimulate creativity over past 5 years: report

BEIJING - China has deepened reform of key areas and crucial links over the past five years to energize the market and stimulate social creativity, according to a government work report submitted Sunday to the national legislature for deliberation.

China has continued reforms to develop the socialist market economy and struck a proper balance between the government and the market, enabling the market to play a decisive role in resource allocation and the government to better play its role, said the report.

China has completed institutional reform of both the State Council and local governments, accelerated efforts to build a unified national market, developed a high-standard market system, and worked to create a market-oriented and law-based business environment in keeping with international standards, it said.

China has promoted the common development of enterprises under all forms of ownership. Having upheld and improved its basic socialist economic systems, the country has worked unswervingly both to consolidate and develop the public sector and to encourage, support and guide the development of the non-public sector, it said.

China has also continued to reform the fiscal, taxation and financial systems. The country promoted the reform of the financial regulatory system and advanced reforms to implement a registration-based initial public offering system, said the report.