China will quicken reform next year in a coordinated manner and with a focus on key areas, said a statement released Friday after the Central Economic Work Conference.
Substantial progress is expected in mixed-ownership reform — especially in electricity, oil, natural gas, railway, civil aviation, telecommunications and military industries — where state-owned enterprises reform can make breakthroughs.
Legislation is expected on a civil code and better protection of property rights.
Authorities will try to overturn wrong convictions concerning infringement of property rights for enterprises, and protect and support entrepreneurship.
Fiscal, taxation and financial reform will move forward in a steady and proper manner.
Efforts will be made to push the reform regarding financial governance of central and local governments and expenditure based on division of administrative responsibilities, said the statement. The draft of an overall plan for the division of revenue between central and local governments will be stepped up. The formulation of local taxation system will be quickened.
The financial supervision and regulation system will be reformed in an active, steady and proper way, and efforts will be made to deepen the reform of multi-layer capital market system.
The government will improve governance of state-owned commercial banks and push for more private banks in an orderly manner.
The old-age insurance system will be reformed.