China to deepen market-based interest rate reform, push property tax law

Economy
© Reuters. FILE PHOTO: Man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing © Reuters. FILE PHOTO: Man wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing

BEIJING (Reuters) – China will deepen market-based interest rate reform and minimize direct interference from government on microeconomic activities, the official Xinhua News Agency said on Monday, adding that it will push forward property tax legislation.

China will draw up a new round of medium- and long-term national plans for scientific development, said Xinhua in a wide-ranging document that details China’s guidelines on improving the country’s socialist market economy.

The government will also increase two-way fluctuations of the yuan and improve its market-based currency formation mechanism, said the document.

China will also liberalize domestic pricing at an appropriate time and advance earlier pledges that promise equal access to oil and gas infrastructure. It currently regulates wholesale gas prices by setting city-gate gas prices.

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