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Deregulation of Power Needed to Help Motivate Market Players to Transform Government

Deregulation of Power Needed to Help Motivate Market Players to Transform GovernmentPremier Li Keqiang is calling for a less political power for the market economy to further motivate market players creativity to help transform the government. A nationwide teleconference was held to discuss the functional transformation of institutions of the State Council and China’s Cabinet. Li told officials to handle properly all relations between the government and the market and the society by delegating unnecessary powers and the management of business that the government is responsible off.

Government work will be focused will be shifted to create a favorable environment for development thus maintaining social equity and justice and at the same time provide quality public services. Li mentioned that the government transformation is important and is badly needed to help maintain the continuous and healthy development of the economy with the goals of stabilizing growth, preventing risks and controlling inflation.

Li also said that by streamlining the government and increasing delegation of power must be carried out to create more jobs thus giving more employment opportunities. Li also called for more reforms in the industrial and commercial registration systems to further boost the development of SMEs and micro sized firms and the service sector as well.



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