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Market-friendly approach, reforms of govt functions to ensure prosperity

China will ensure that its market-friendly policies and reforms of government functions will help market entities to survive and flourish this year, Premier Li Keqiang said on Thursday.

Foreign media have responded positively to China's new economic growth target of over 6 percent for 2021.

The above 6 percent growth target marks a return to strong growth after the COVID-19 pandemic impacted the world's second largest economy, BBC said.

BEIJING, March 5 (Xinhua) -- China aims to expand its economy by over 6 percent in 2021, building on strong tailwind from success in containing COVID-19, as lawmakers gather in Beijing to map out priorities for high-quality development.

China will contain its annual coal output to around 4.1 billion metric tons and limit the commodity's use to 4.2 billion tons by the end of the 14th Five-Year-Plan period (2021-2025), a leading industry association said.

To regulate the industry of rare earths or not to regulate it, that is indeed an important question. For, as Xiao Yaqing, minister of Industry and Information Technology, said at a news conference on Monday, the country's rare earths are being sold at too low a price in the international market, which is a waste of these valuable resources.

China is likely to include shale oil exploration and development during the 14th Five-Year Plan period (2021-25) to cut its reliance on costly imports and bolster energy security, experts said.

Speakers at a recent shale oil exploration and development promotion conference held by the National Energy Administration indicated that the government was keen to include shale oil exploration in the top-level policy blueprint that plots the country's path based on a set of developmental goals.

China will come out with an action plan soon to further reduce the carbon footprint of the steel industry in the country, a top industry association said on Wednesday.

According to the China Iron and Steel Association, the move came after the country vowed to peak its carbon emissions by 2030 and achieve carbon neutrality before 2060, as part of wide-ranging environmental protection efforts that envisage carbon reductions in industries like cement.

China will reinforce the protection of its rare earth resources, strengthen full industrial chain regulation and establish a mechanism under the State Council to decide and coordinate on major policy measures, according to a draft guideline published on Friday.