China pledges deeper economic reforms

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　　The government will use reform to solve deeply rooted structural¹ problems that are hampering² the country's development, according to a statement released after a State Council executive meeting presided over by Premier³ Wen Jiabao.

　　The government promised policy improvements in the non-public sector⁴ to encourage private capital to enter fields that were previously⁵ monopolized⁶ by the state, including railways, municipal administration, finance, energy, telecommunications, education and health care, according to the statement.

　　China will expand a pilot program for value-added tax adjustments and advance resource tax reforms, the statement said.

　　To make financial services more accessible, the statement said China will actively⁷ cultivate small-scale financial institutes to target small- and micro-sized businesses, adding that the government will work to properly guide private financing.

　　Electricity, refined oil and water pricing mechanisms⁸ will also be reformed, the statement said.

　　Reforms in rural areas will include regulations on the expropriation of collectively-owned land.

　　Other reforms discussed during the meeting included policy adjustments in the areas of social service, administration and foreign investment, according to the statement.

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