The Chinese government will deepen reform of the state-run old-age pension system, and establish a central system for enterprise employees' basic old-age pension funds to be used across provincial boundaries, announced Premier Li Keqiang yesterday at the opening session of the annual parliamentary meeting.
He said in his government work report that China would be bolder in reform and opening up, reported the Xinhua News Agency.
Reforms will be advanced in state capital and state-owned enterprises (SOEs). Reforms introducing mixed ownership in SOEs will be carried forward prudently. The development of private enterprises will also be supported, he said, pledging to fully implement all policies and measures in support of non-public sectors, earnestly address salient problems that concern private companies, and take firm action to remove hidden barriers.
China targets an economic growth rate of 6.5% this year, the same as in 2017, Premier Li said. Last year, the actual GDP growth rate was higher than expected, at 6.9%.
The government will also speed up reforms in the financial sector and advance institutional social reforms. The financial service system will be reformed and improved, and efforts will focus on solving financing problems of small and micro enterprises.
To enhance ecological protection, China will reform and improve the ecological and environmental regulatory system, strengthen regulation over the use of natural ecological spaces, roll out a compensation system for ecological and environmental damage, and improve the compensation mechanisms for ecological conservation.