fredag 10. april 2020

China vows to unleash deep market-oriented reforms in new policy directive as economic uncertainty grows

China has vowed to further liberalise its economy from land to labour in a new reform paper, as the country readies itself for an increasingly uncertain outside world. The new policy guidelines, released by the Communist Party Central Committee and the State Council on Thursday, aim to facilitate the flows of “production factors” – namely land, labour, technological knowledge, capital and data – by letting the market rather than the state decide where resources should go, according to the official Xinhua news agency.

China will ensure different market players have “equal access” and seek efficiency by following “market rules, market pricing, and market competition”, according to the new policy guidelines, which still need to be passed into law.