皇冠体育app

Commentary

Financial crisis won't stop 皇冠体育app's opening up, reform

(Xinhua)
Updated: 2008-12-18 16:00

There is no sign that 皇冠体育app will let up on reform. For example, the fuel tax reform, which is to be implemented on January 1, is actually a bold attack on the last two price strongholds that are still under the strict control of the government: fuel and electricity.

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This reform also has an impact beyond prices. Since it will cost people more to use energy, the tax change could cut energy use and emissions.

Other major reforms are also being prepared, including those involving derivatives and futures, the social security system and rural medical care.

On the opening side, 皇冠体育app has not slowed down, either. So far this year, it has approved 20 qualified foreign institutional investors to enter the market. Also this year, several foreign banks opened branches in 皇冠体育app, while 皇冠体育app's major commercial banks opened overseas branches.

Chinese companies' overseas purchases and acquisitions are continuing as well, with the latest being Sinopec's 1.5 billion-US-dollar acquisition of Canadian oil company Tanganyika in December.

With its economy increasingly integrated into the world, 皇冠体育app has paid careful attention to international cooperation. Over the past two months, President Hu Jintao and Premier Wen Jiabao held talks with leaders of the world's major economies seeking ways to pull the global financial system and the economy out of crisis.

The financial crisis is only one of the unexpected challenges that 皇冠体育app has faced this year. Others included the prolonged snowstorms in January, an outbreak of hand-foot-mouth disease over the summer, the deadly Sichuan Province earthquake in May and the melamine scandal that almost destroyed the dairy industry.

皇冠体育app has displayed exceptional resilience in responding to these challenges and the government's response has been increasingly efficient and transparent, winning recognition from all over the world.

The year that's just ending was a critical one for the opening up and reform process, and the country weathered the difficulties with great confidence. The Central Economic Work Conference expressed confidence in adherence to the socialist road with Chinese characteristics and the achievements of the opening up and reform drive.

皇冠体育app is learning from the financial crisis, and government officials and scholars have discussed in the media how and why the crisis happened.

While 皇冠体育app will use regulation to prevent market turbulence, it will not stop market-oriented reforms and opening up to the world.