CPC unveils major economic tasks to boost growth

BEIJING - The Communist Party of China (CPC) on Monday unveiled its major economic tasks for 2016, the first year of the country's 13th Five-year Plan.

To reduce housing inventories, more migrant rural workers should be issued with urban-residency permits, which will allow them to purchase housing in cities, according to a statement released after a meeting of the Political Bureau of the CPC Central Committee presided over by President Xi Jinping.

China should also increase the urbanization ratio, which is based on the number of registered urban residents.

The ratio of registered urban residents to the total population was 35.9 percent at the end of 2014. An existing plan had set the target of increasing this to 45 percent by 2020.

China will make cities more livable, adjust the size of cities, improve urban infrastructure and protect historical and cultural heritage, the statement said.

The government should also improve urban planning and management.

In 2016, China will continue to promote mass entrepreneurship and innovation by relieving financial strain for companies. Measures include reductions to transaction costs, taxes and social insurance fees, the statement said.

The government aims to improve the overall business environment by encouraging mergers, reorganization and, in some cases, companies filing for bankruptcy.

"China should prevent and resolve financial risks and defend the bottom line to eliminate systemic and regional financial risks," the statement said.

The streamlining of administrative processes, delegation of power, reform of state-owned firms, taxation, finance and social security will also continue to be prioritized.