Chinese official pledges decisive role for market

BEIJING - Chinese Vice-Premier Wang Yang on Monday vowed a decisive role for market forces in allocating resources while letting the government better serve its duty.

Wang made the remarks at a conference of the Standing Committee of the 12th Chinese People's Political Consultative Conference (CPPCC) in Beijing.

He said China has "continuously broken away from the planned economy during the three decades of opening up" and gradually used the "invisible hand" of market and "visible hand" of government to gain notable achievements.

In the new period, China must deepen reform, allow market forces to play a decisive role in allocating resources and let the government better serve its duty, he urged.

China will endeavor to build a mechanism that ensures the role of market and set up fair, open and transparent market regulations, according to Wang.

He also called on local governments to transform functions to reduce administrative intervention, strengthen market supervision, guarantee fair competition and improve legal systems for the market economy.

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