We will advance reforms to promote market-based allocation of production factors. We will encourage small and mid-sized banks to replenish capital and improve governance, so that they can better serve micro, small, and medium businesses. We will reform the China Next stock market and pilot a registration-based IPO system. The role of insurance in protecting against risks will be strengthened. Provincial-level government will be given more power to approve land use for construction projects. We will boost the flow of human resources, foster technology and data markets, and thus unleash the potential of all types of production factors.
We will improve the performance of state capital and SOE reforms. We will launch a three-year action plan for SOE reform. We will improve the system of state capital regulation and intensify mixed ownership reform of SOEs. We will basically complete the task of relieving SOEs of the obligations to operate social programs, and resolve their other longstanding problems. SOEs should focus on their main responsibilities and businesses, establish sound market-oriented operating mechanisms, and increase their core competitiveness.
We will foster an enabling environment for the development of the private sector. We will see that private businesses have equal access to production factors and policy support. We will review relevant regulations to abolish those that unfairly differentiate enterprises according to form of ownership. Deadlines will be set for government bodies to make overdue payments owed to private and small and medium businesses. We will foster a cordial and clean relationship between government and business and promote the healthy development of the non-public sector.
