China will push forward measures to make interest rates more market-oriented, enabling the financial sector to better serve the economy, an official statement showed yesterday.

        New interest rate formation and adjustment mechanisms must suit market demand, according to the statement released after an executive meeting of the State Council presided over by Premier Li Keqiang.

        China should enhance supervision of financial institutions to ensure fair play and risk management, the statement said.

        The benchmark deposit and lending rates will continue to be used as reference and guidance tools.

        To prevent irrational pricing of interest rates, the government will enhance supervision and continue to set different reserve requirement ratios for different institutions.

        Mapping of the 13th Five-Year (2016-2020) Plan will be crucial for industrial upgrading, social progress and people’s life, it said, adding that a leading group will be set up to draft the plan.

        China will continue to streamline administration and delegate power to the lower levels. Documents for firms to apply for expressway construction will be cut from 17 to seven, which will include land use and environmental protection.

        China will also steady growth and boost the restructuring of the industrial sector and grow domestic demand, the statement said.