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UPDATED: 09:57, December 06, 2004
Central economic conference stresses economic system reform
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China's just closed central economic conference stresses the importance of promoting economic system reform and establishing systematic insurance for a coordinated sustainable development.

The conference, convened by the Central Committee of the Communist Party of China and the State Council and concluded Sunday afternoon, points out that it is an important task to continue to improve socialist market economic system. The opportunity offered by good economic conditions and people's enhanced sense of reform should be seized to push forward reforms and supply strong power for economic and social development.

According to sources from the conference, next year's reforms will be centered on solving deep-set contradictions and issues that affect the overall economic development.

Efforts will be made to increase economic energy and competitiveness and continue to deepen corporate reforms; improve the supervisory management system for state-owned assets, set up and improve modern corporate system, actively promote the distribution of state-owned economy and internal restructuring, and prevent losses of state-owned assets.

Efforts will also be made to encourage, support and guide the development of non-public ownership economies, improve services and reinforce supervision, and constantly improve the quality of non-public ownership economies.

The macro-economic control system and its effectiveness should be improved, while reforms in fiscal and taxation system, financial system and administrative management system should continue to be deepened.

The conference also stresses the improvement of modern market system and optimized distribution of resources. The construction of capital, labor, technology and other elementary markets and social credit system should be accelerated. The economic legal system should be improved to rationalize and regulate economic relations.

It says that China's reform is at a critical stage. The country must adhere to the reforming direction of socialist market economy and well handle the relations among reform, development and stability.

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