China sets economic reform priorities for 2015

BEIJING -- China's State Council, the cabinet, on Monday unveiled this year's priorities for economic reforms.

The reforms -- to streamline administration and deregulate power to lower levels, promote the yuan's convertibility under the capital account, and launch a trial scheme to connect the Shenzhen and Hong Kong stock exchanges -- aim to add new impetus to the country's development, the State Council said in a statement on the government website.

The central government promised to implement existed reform policies and roll out new pro-growth measures this year to stimulate the market and seek new growth potential.

China's economic growth in the first quarter of this year slowed to 7 percent, the lowest level since the financial crisis, which prompted policy makers to accelerate an economic overhaul.

In the statement, the government vowed to cut red tape, loosen control on market access and investment, and improve pricing mechanisms for public services including medicine and natural gas.

Specifically, the government said that it will promote public-private partnerships to attract private capital into infrastructure construction and public enterprises.

The government will push reforms of state-owned enterprises in key industries including electricity by reorganizing and consolidating them to improve efficiency, and it will support private firms to make the market less monopolistic.