improve the modern property rights system to ensure clearly defined ownership as well as rights and obligations, and strict protection and smooth transfer of property rights
Enterprises of mixed ownership will be allowed to introduce employee stock ownership plans (ESOP) to form a community of shared interests between capital and labor.
reform the mechanism of authorized operation for state-owned capital
future-oriented / pioneering strategic industries
modern corporate system
public-service oriented enterprises
improve / enhance the corporate governance structure to ensure smooth operation and effective checks and balances
deepen systemic reform in enterprises concerning both the promotion and demotion of managerial personnel, hiring and firing of employees, and salary increase and cut
SOEs should appropriately increase the proportion of market-based recruitment, and properly determine and strictly regulate the salary level, post-related benefits and expenses as well as business spending of SOE managerial personnel.
gradually replace paid-in capital registration with subscribed capital registration
reform the domestic trading structure and build a law-based business environment
improve the market exit system so that the good drives out the bad and the enterprise bankruptcy system
network-based natural monopolies
improve the secondary market for land leasing, transfer and mortgage
promote equity financing through diverse channels
develop inclusive finance
establish and improve the system for foreign debt and capital flow management within the macro-prudential framework, and move faster towards Renminbi capital account convertibility
set up and improve mechanisms and institutions that encourage original innovation, integrated innovation and re-innovation based on the introduction and absorption of foreign technologies
establish a mechanism for promoting industry-academia-research collaboration for innovation
break administrative dominance and compartmentalization of government department functions
Sound macro control and effective government regulation are the intrinsic requirement for giving full rein to the strength of the socialist market economy.
further streamline government functions and devolve / delegate more power to lower levels
We will accelerate the reform of public institutions based on the classification of their functions, increase government purchases of public services, adjust / clearly define the relationship between public institutions and the government departments overseeing their performance, and run these public institutions as non-government institutions. We will create conditions to abolish the administrative ranks of schools, research institutes and hospitals over time.
actively yet steadily advance the reform to merge government departments
We must improve legislation, clearly define governing responsibilities, reform the taxation system, make tax burdens stable and budgets transparent, increase efficiency, and establish / introduce a modern fiscal system to keep both central and local governments motivated.
We will clear up / sort out / overhaul major expenditures that are linked to increases in financial revenues and expenditures or in GDP. Normally, there will be no linkage between them.
control special transfer payments for guiding, relief and emergency purposes
establish a system whereby governing power matches responsibility of expenditure
The separate urban-rural structures are a main obstacle to the integrated development of urban and rural areas.
grant farmers the right to possess, use, profit from and transfer contracted land and the right to mortgage, guarantee the use of such land, and allow farmers to develop commercial / specialized / large-scale / industrial operation of agriculture by becoming shareholders with their contracted land-use right