innovation programs, new types of infrastructure, and energy conservation and pollution and carbon reduction initiatives. We will increase efforts to shore up weak links in economic and social development, such as projects for ensuring people’s wellbeing. We will build infrastructure for flood prevention, drainage, and disaster response, encourage upgrading and technological transformation of production and service equipment, and accelerate implementation of major projects included in the 14th Five-Year Plan.
This year, 700 billion yuan will be earmarked in the central government budget for investment. We will appropriately expand the range of areas and uses to which funds from the sale of local government special-purpose bonds can be channeled. These funds will be weighted toward regions where projects are well-prepared and investments are more effective. We will ensure all funds are used in a coordinated manner and guard against ineffective and wasteful investments.
We will further reform the investment approval system. We will strive to stabilize and further expand private investment by improving and implementing supporting policies. We will put in place a new mechanism for cooperation between government and private capital to encourage private investment in major projects. We will do more to remove various barriers so that private investment can enter, develop, and play its part in more fields.
4. Continuing to deepen reform and boosting internal momentum for development.
We will press ahead with critical reform tasks in key areas and at crucial links.
We will see that the market plays the decisive role in the allocation of resources and the government better fulfills its role. We will foster a world-class business environment that is market-oriented, law-based, and internationalized and strive to build a high-standard socialist market economy.
We will work to stimulate the vitality of market entities.
SOEs, private businesses, and foreign-funded companies all play an important role in China’s modernization drive. We will work unswervingly both to consolidate and develop the public sector and to encourage, support, and guide development of the non-public sector. We will strive to create a sound environment in which enterprises under all forms of ownership can compete and grow on a level playing field.
We will improve the modern corporate system with distinctive Chinese
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