China is set to deepen and upgrade the reform of state-owned enterprises (SOEs) to enhance their core functions and competitiveness. A senior official announced on Friday that the country aims to promote state capital and SOEs to become stronger, better, and larger.
Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, shared these insights during a press conference focused on the guiding principles from the recently concluded plenum.
In addition to strengthening SOEs, China plans to create a favorable environment for private enterprises. This includes offering more opportunities and enhancing mechanisms for private companies to participate in major national projects.
China is also accelerating efforts to build a high-standard market system, which is a significant reform task for the nation. This involves developing a unified national market, encompassing areas such as urban-rural construction land, integrated technology and data, and national electricity.
The country will improve the market system and rules governing production factors like labor, capital, land, knowledge, technology, management, and data. Han emphasized the importance of fostering an entrepreneurial spirit and accelerating the creation of more world-class enterprises.
Reference(s):
Official: China to build high-level socialist market economy
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