BEIJING (Sputnik) — China is planning to reform the country's investment and financial systems through innovation, the government said Saturday in a draft development plan for 2016-2020.
"We will introduce the innovations to the investment management system and will create new mechanisms of investment and financing; we will continue to improve the procedure of investment projects' approval, we will reduce the demands that are needed to approve construction projects; we are improving an online-platform for consideration, approval and monitoring of the investment projects," the draft, unveiled at the annual full session of the parliament, reads.
Beijing would diversify the financial institutions and continue the process of private banking development, according to the blueprint.
The plan added that the country's tax and fiscal systems would also be reformed.
