Chinese policymakers innovatively started the reform and opening-up policy in 1978 to eliminate the constraints of a planned economy, nurture private sectors and advance state-owned enterprise reforms step by step.
To unleash economic growth, the government has been pressing ahead with reforms to reduce corporate burdens, transform government functions and cut red tape.
A total of 2.36 trillion yuan (about 337 billion U.S. dollars) of taxes and fees were cut in 2019 for businesses, well above the original target of 2 trillion yuan, with manufacturing and micro and small businesses benefiting most.
In the face of the COVID-19 epidemic, the country has not slowed its pace of reforms toward expanding marketization.
In May, China issued a guideline to accelerate the improvement of its socialist market economy, pledging to improve the market, policies, the rule of law and the social environment for supporting the development of private businesses and foreign-invested enterprises.
Thanks to the deepening of reforms, the country's entrepreneurial enthusiasm ran high and the market vitality stayed unabated despite downward pressures and trade tensions, with 20,000 new businesses being set up each day on average last year.
The process of reforms is far from complete. The advancing supply-side structural reform will inject new impetus to the economy, analysts say.
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