The Chinese government will intervene less in price formation, according to a communique released on Thursday after a four-day key meeting of the Communist Party of China (CPC).
Therefore, the interest rate liberalization stresses a market-oriented way of reform. It is also a tool of macroeconomic management.
Social development and improving people's livelihoods form the major part of the next five-year development plan, according to a leading economist.
Maintaining the economic growth rate is widely believed to top a list of 10 major tasks in country’s new development blueprint.
The appeal by leading economist Wu Jinglian comes as top leadership meets to map out the development program for the next five years.
A meeting of the Communist Party of China (CPC) opens on Monday to begin finalizing the 13th Five-Year Plan (2016-2020) for national development; the final countdown to reaching the first Centenary Goal.
Sectors such as information technology, high-end manufacturing, new-energy vehicles and bio-medicine will all likely benefit from the plan.
China can sustain a minimum of 6.5 percent of annual economic growth during the 2016-2020 period, a leading Chinese think-tank expert said in London on Thursday.
China's recent economic downturn is less a sign of catastrophe than of the long-awaited shift to a market economy model that is service-based and consumption-driven.
Despite reduction, China's GDP figure is still a great result given the current adverse economic situation in the world, said a Brazilian expert.
Despite shrinking exports, China's leadership is pleased with a recent trade surplus increase, which is being counted on to ease pressure on capital outflows and back a stronger currency.
Premier Li Keqiang pledges during a meeting with a former senior United States official to continue market-oriented financial reforms.
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