China sets out stall ahead of NPC with pledges for market-oriented, local government finance reforms

List of reform promises by the ruling Communist Party and the State Council largely reiterates Beijing’s earlier reform pledges announced in a blueprint in late 2013

The rescheduled National People’s Congress (NPC) will take place on Friday with China’s economy slowing amid the fallout from the coronavirus outbreak

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State capital will be invested into key areas concerning the national economy and people's livelihoods, technology, defence and security to serve the country’s strategic goals, according to the policy document. Photo: 81.cn

Published: 8:30pm, 19 May 2020Updated: 10:58pm, 19 May 2020

China has renewed its pledge to undertake market-oriented reforms of its economy and to better regulate local government finances ahead of what is expected to be lively debate at the meeting of the National People’s Congress this week on proper government policies to respond to the rising challenges in the domestic and foreign environments.

The publication of the list of reform promises by the ruling Communist Party and the State Council, the government’s cabinet, came at a time when the world’s second largest economy is suffering a heavy blow from the coronavirus outbreak.

The document largely reiterates Beijing’s earlier reform pledges announced in a blueprint in late 2013, although little progress has been made in aspects of opening up the yuan capital account and liberalising the land market.

The new policy document insists that China will promote the strategic role of a state economy.

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“State capital will be invested into key areas concerning the national economy and people's livelihoods, technology, defence and security to serve the country’s strategic goals,” the document said.

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