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China's Opening to Focus on System Transformation, Shanghai Mayor
Shanghai Mayor Xu Kuangdi said Friday that implementation of China's open policy in the next five years is expected to focus on attuning administrative systems to internationally accepted rules and practices.
According to Xu, China's opening drive advanced rapidly in the 1996-2000 period when the country carried out its 9th Five-Year Plan, mainly supported by a variety of preferential policies to attract foreign investment.
"In the next five years, attention will shift to a transformation of systems so that laws and regulations relating to foreign economic activities conform with accepted international practices," he said.
Innovation to streamline the existing administrative systems will be the job of what he termed as a "system-focused opening" as the Chinese economy meets increasingly fiercer competition, said Xu, who is here attending the annual session of the National People's Congress, the nation's top legislature.
As in Shanghai, the mayor said, the local government will stop direct intervention in economic activities but will strengthen its functions of exercising macroeconomic regulations and providing public services.
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