The central government has issued a guideline to “accelerate the improvement of its socialist market economy in the new era”, which analysts are saying is the boldest economic reform launched by the current leadership since President Xi Jinping took office.
According to Xinhua, the country’s goal is to “build a high-level socialist market economy that is more systematic, mature and well-shaped”, which would keep public ownership “as the mainstay” while allowing “multiple forms of ownership to develop together.” It stressed minimizing the government’s “direct allocation of market resources and direct intervention in microeconomic activities.” Read Xinhua for the full text.
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