China to focus on 9 reform areas in 2015

Chinese President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, speaks at the Central Economic Work Conference in Beijing, capital of China. The conference was held in Beijing from Dec 9 to 11, 2014. (Xinhua/Ju Peng)

China will accelerate reform in nine areas next year including the capital market and market access for private banks, according to the Central Economic Work Conference concluded on Thursday.

Reform will be speeded up in administrative approval, investment, pricing, monopolies, franchising, government purchased services, and outbound investment. This takes into consideration both the need for the next year and the long-term interests, according to a statement released after the conference.

More effort will be made to transform the reform into growth, said the statement. The evaluation system for reform and general public access the reform work will also be improved.

The problems of state-owned enterprises will be adressed and efforts will be made to improve their efficiency and core competitiveness.

Economic upgrading given more priority

China will give more priority to economic upgrading and restructuring in 2015, according to a statement issued on Thursday following a key economic policy meeting.

The country will tap the huge potential of the economy to hedge against great downward pressure next year, the statement said. >>>