WASHINGTON, Jan. 15 (Xinhua) -- China will further deepen domestic reforms and open up wider to the outside world, Chinese Vice Premier Liu He said here on Wednesday.

Liu, who signed the phase-one China-U.S. economic and trade agreement with U.S. President Donald Trump in the White House earlier in the day, made the remarks during an afternoon briefing with the Chinese press.

Asked about what the deal means to China's reform and opening up drive, Liu said that the goal of China's economic reform is to let the market play a decisive role in resources allocation and improve the functions of the government, adding that the reform should be implemented on the premise of upholding the socialist system.

China has achieved rapid economic growth while maintaining lasting social stability, a great feat that should mainly be attributed to the leadership of the Communist Party of China (CPC) as well as the country's socialist system, said the vice premier. "We will continue to be committed to creating conditions for the Chinese people to satisfy their needs for a better life."

Liu, also a member of the Political Bureau of the CPC Central Committee, laid out four major areas for the next phase of China's reforms, the first of which is to invigorate micro-entities in the market, deepen the reform of state-owned enterprises, and facilitate the development of the private sector.

Secondly, market rules should be reinforced and fair competition promoted, said the vice premier.

The third priority is to further transform the functions of the government, which means the government should pull itself from the trivial businesses and focus more on macroeconomic regulation and public services, said Liu.

Last but not least, China will promote social reforms, insist on the perfection of social security system according to China's domestic situation, attach more importance to education and training, and expand human capital, added the vice premier.

Calling opening-up a "fundamental national policy" for China, the vice premier said the government is stepping up efforts in four aspects, the first of which is to broaden market access in an orderly manner. As the country's manufacturing sector has reached a high level of openness, opening up such sectors as modern service, agriculture, and infrastructure will be the focus of the next stage.

Secondly, China will learn from international practices to perfect its business environment, so as to enable foreign companies to compete on a level playing field and ensure that their intellectual property rights are effectively protected.

China has fully opened up its current account, Liu said, adding that the country will continue with its efforts to prevent and control risks, push for the opening up of its capital account in a prudent and orderly manner, and enhance the regionalization and internationalization of the Chinese currency.

Fourthly, China will actively participate in the international economic and trade rule-setting, conduct close cooperation with developing and emerging market countries, and promote the building of a fairer and more reasonable international economic order, the vice premier said. Enditem

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