China to make sweeping reforms to its economy

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China’s government promised sweeping reforms to promote sustainable growth in its slowing economy.

It will open state-dominated industries to private investment, make its banks more market-oriented and encourage consumer spending.

In his first annual policy speech as China’s senior economic official, Premier Li Keqiang said Beijing will encourage competition, ease exchange rate controls and improve access to credit for productive businesses. Mr Li’s pledges were in line with Communist Party plans that call for promoting market forces and domestic consumption to replace a model based on exports and investment