China sets major tasks for reform in 2016

China's top economic planner has listed major tasks in propelling economic reforms this year, including reforms of state-owned enterprises (SOE), market supervision, investment, urbanization, opening up and innovation.

China will initiate mixed-ownership pilots in SOEs and push forward reforms in electricity, oil, natural gas and salt industries, said a statement issued after a two-day meeting of the National Development and Reform Commission (NDRC), held on Thursday and Friday.

The government will further cut red tape and improve market supervision, including compiling a negative list to enhance market access regulation. Market threshold of some major industries will be lowered for investors, and the current investment and financing mechanism will be improved, according to the statement.

China will implement the household registration reform to urbanize more rural migrants with a plan to help 100 million people settle in cities.

The country will continue to push forward opening up, stepping up the Belt and Road construction, promoting international production capacity cooperation, further opening service and manufacturing sectors, and establishing a negative list for foreign investment.

The government will also better its support for innovation and entrepreneurship.

Other tasks include accelerating a pricing reform in electricity, medical services and transport, and improving the way China uses natural resources and protects the environment. Endi