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China’s President envisages open-door economy, further market reforms

China is going to continue with economic reforms and make its markets more accessible for foreign investors, as the country is intending to shift from high-rate expansion to high-quality one, Xi Jinping said today in a speech at the Communist Party Congress, which is held two times in a decade.

China is going to press on with its reforms of exchange rate, along with the financial system, and the crucial role in resource distribution will be allotted to market, the President also said.

He reassured that China is not going to close its doors, but on the contrary, it’s going to open them wider. Measures will be taken to improve regulations that put obstacles for a common market and bona fide competition, to encourage growth of private companies and strengthen viability of any kind of entities, Xi Jinping stated.

He envisaged the country’s services sector as more accessible for foreigners seeking to make investments. Notably, the decisiveness for reforming the market and private companies was also accompanied by will to develop larger and heftier state enterprises.

Further actions will also be directed towards growing and bettering of state capital, finding sound ways to eliminate loss of state assets, as well as continuing reforms of state companies, and ensuring the advancement of economy based on mixed-ownership and fostering companies of world level, the President said.

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