China signalled on Friday that it has no plans to give up its government-led economic model or weaken the role of its
The comments came in an article by Vice-Premier Liu He – China’s top trade negotiator – published by the Communist Party mouthpiece People’s Daily.
“We will promote state-owned economy reforms and structural adjustments, and invest more in industries related to national security, serving the national strategic goals,” the article said.
While the preferential treatment Beijing gives its SOEs is one of the key disputes between Washington and Beijing, it is not an issue that is likely to be resolved in the interim, or “phase one”, trade deal the two sides are trying to finalise before the end of the year.
China signalled on Friday that it has no plans to give up its government-led economic model or weaken the role of its state-owned enterprises (SOEs), a change the United States has stipulated as one of its key demands in the ongoing
The comments came in an article by Vice-Premier Liu He – China’s top trade negotiator – published by the Communist Party mouthpiece People’s Daily.
“We will promote state-owned economy reforms and structural adjustments, and invest more in industries related to national security, serving the national strategic goals,” the article said.
While the preferential treatment Beijing gives its SOEs is one of the key disputes between Washington and Beijing, it is not an issue that is likely to be resolved in the interim, or “phase one”, trade deal the two sides are trying to finalise before the end of the year.
Rather, Liu said that Beijing planned to make the state economy “stronger, better and bigger”.
His comments echo a pledge made by the Communist Party’s Central Committee at the end of its fourth plenary session at the end of October.
SOEs have long been the central pillar of China’s economic model and since the start of the trade war have played a major role in shoring up a weakened economy and maintaining employment levels.
In an apparent effort to address those concerns, Liu’s article sought to highlight the merits of both the public and private sectors.
“The public economy and the non-public economy are both important components in developing China’s socialist market economy and in allocating resources,” he said.
“The transition from a highly centralised planned economic system to a socialist market economic system is being realised by combining together an effective market mechanism with a degree of macroeconomic regulation.”
Li Jin, chief researcher with the China Enterprise Research Institute, said the government no longer regarded a socialist economy and a market economy as opposing forces in China’s development.
“This is a breakthrough,” he said. “The allocation of resources based on a socialist economic market system is a liberalisation. Now the problem of integrating the social system and a market economy is basically solved.”
The Court of Appeal has overturned a High Court finding that applicants for Irish citizenship must have “unbroken” residence here in the year before they apply.
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