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Sunday, Aug 18
China takes further steps to reform economy
- China's State Council plans to submit draft plans to the country's legislature that would cut bureaucracy and suspend laws on foreign investment in proposed free trade zones, as well as on Sino-foreign joint ventures and cooperative enterprises in those areas.
- The proposals are part of China's efforts to liberalize its economy, and come after the government said in July that it would establish an experimental free-trade zone in Shanghai.
- In another element of its economic reforms, China intends to invest in fiber-optic and faster wireless networks. Under the Broadband China Strategic Plan, half of households will have broadband access by 2015 and almost a third of mobile-phone users will be able to connect to 3G or other fast networks. The idea is to boost growth by stimulating consumption.