China strengthens economic reforms

The Chinese government on Monday announced detailed plans to strengthen economic reforms in the country.

At the executive meeting of the State Council, Premier Li Keqiang urged that operational plans on achieving the convertibility of the yuan under the capital account be drafted. He also said that the government will steadily roll out market-based measures to reform the interest rate and exchange rate regimes. The country will also set up mechanisms for individuals to invest overseas.

The meeting also decided to improve risk control measures for local government debt. The government will cancel or delegate power to lower levels concerning 62 items that were previously subject to central government administrative approval.