China sets priorities for 2016 economic reform

China’s State Council unveiled on Thursday 10 priority areas for economic reform this year, state-run news agency Xinhua reported.

The government would further open its manufacturing and service sectors to foreign investors, as well as streamline procedures for establishing foreign-funded companies, the body said in a document.

Private companies would be encouraged to take part in the reform of state-owned enterprises, and private capital would be allowed to invest in key sectors like power, oil, gas, railways and aviation, the State Council added.

China would also introduce new measures to facilitate innovation and entrepreneurship, as well as reduce red tape for investment, in order to boost sustainable growth.

The Chinese economy expanded by 6.9 percent last year, which was the slowest pace in 25 years.