A key meeting presided over by President Xi Jinping on Tuesday highlighted the importance of enabling the market to better allocate resources and removing institutional barriers hindering the free flow of production factors.
Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, chaired the 11th meeting of the Central Committee for Deepening Overall Reform, which reviewed and passed a number of documents.
In his speech at the meeting, Xi called for continuous efforts to comprehensively deepen reform, enable reform to lead the way in developing systems and ensure implementation of measures adopted at the Fourth Plenary Session of the 19th CPC Central Committee last month.
The session created a clearer top-level design for deepening overall reform in the new era, Xi said, urging efforts to focus on upholding and improving socialism with Chinese characteristics and modernizing the system and capacity for governance. It adopted a document establishing a better mechanism for market-based allocation of production factors, according to a statement released after the meeting.
It is key to pursue supply-side structural reform as the main task, expand high-level opening-up and broaden market-based allocation, it said. The document stressed the need to refine the market system resources needed for production and promote market systems, it said. The goal is to ensure the price of production resources is set by the market to enable the flow of resources in an independent, orderly manner and make allocation efficient and fair, it added.
The meeting also adopted a document on refining support and protection mechanisms for agriculture. It called for further reform in the farm sector, such as promoting supply-side structural reform, sustainable development, guaranteeing investment, subsidies and funding management.
Another document approved is about further reform of the medical security system. It is important to ensure funding that is stable and sustainable, establish an insurance payment system that is effective and efficient and improve funding oversight, the statement said. Other documents adopted include harnessing labor's role in college and school curricula and another dealing with reform of educational supervision.