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| Breakthroughs made in reform, opening: Premier （2） |
| CCTV.COM 2003-03-05 09:03:04 |
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The modern market system developed in a comprehensive way. The national economy has become more market－oriented, and the basic role of the market in allocating resources has become noticeably stronger. Price reforms in the area of public services, energy and transport were constantly deepened, according the report.
The development of markets for capital, property rights, land, technology and labor was accelerated. Modern methods of distribution and marketing continued to spread. Significant results were achieved in straightening up and improving the order of the market economy. Large－scale nationwide campaigns were carried out against smuggling, fraudulently obtaining tax and foreign currency benefits, and producing and selling counterfeit and shoddy goods. Special efforts were also made to target wrongdoings in cultural activities, tourism, the building industry, rural market fairs and production safety. A large number of economic crimes were dealt with in accordance with the law, and criminals found to have seriously undermined the market order were punished. As a result, the market environment and the consumption climate gradually improved, the report says.
Reforms of the banking, fiscal, taxation, investment and financing systems were deepened. A banking system compatible with a growing socialist market economy has begun to take shape. China gradually improved the way the country exercises financial regulation, restructured the management system of the People's Bank of China （China's central bank）, and established a unified national regulatory system for securities and insurance.
Reform of the wholly state－owned commercial banks and policy banks proceeded steadily, and the structure of the small and medium－sized commercial banks was optimized. Significant progress was made in rectifying and standardizing nonbank financial institutions. Upholding the principles of law, regulation, self－discipline and standards, the securities industry has developed through progressive standardization.
Reform of the insurance industry was deepened. Rural－based cooperative funds were screened and put out of business. Unauthorized nongovernmental financial services and other illegal activities were banned in accordance with the law. As financial regulation was gradually tightened, our ability to prevent or defuse financial risks has improved, and the proportion of non－performing assets of Chinese banks decreased.
A rudimentary public finance framework compatible with the socialist market economy came into being. On the basis of the tax－sharing reform, new reforms for sharing income tax revenue were implemented in China's fiscal system.
The system of preparing department－specific budgets was introduced at both central and provincial levels. Experiments on separating management of revenue and expenditures and reforming the unified treasury collection and payment system progressed steadily.
Noticeable results were also achieved in the reform of the taxation system and the tax collection and management. Reform of the investment and financing system was gradually deepened, with new sources of investment and financing opened up and the ways of investment and financing diversified.
Basic forms of the legal person responsibility system for projects, the tender system, the contract system and the project supervision system were set up, according to the report.
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Editor: Han Ling Source:Xinhua
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