China pledges deeper economic reforms

Updated: 2012-02-16 10:54


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BEIJING - China's State Council, or the Cabinet, on Wednesday pledged to push for deeper reforms to address the country's economic problems.

The government will use reform to solve deeply rooted structural problems that are hampering the country's development, according to a statement released after a State Council executive meeting presided over by Premier Wen Jiabao.

The government promised policy improvements in the non-public sector to encourage private capital to enter fields that were previously monopolized by the state, including railways, municipal administration, finance, energy, telecommunications, education and health care, according to the statement.

China will expand a pilot program for value-added tax adjustments and advance resource tax reforms, the statement said.

To make financial services more accessible, the statement said China will actively cultivate small-scale financial institutes to target small- and micro-sized businesses, adding that the government will work to properly guide private financing.

Electricity, refined oil and water pricing mechanisms will also be reformed, the statement said.

Reforms in rural areas will include regulations on the expropriation of collectively-owned land.

Other reforms discussed during the meeting included policy adjustments in the areas of social service, administration and foreign investment, according to the statement.