It is also pushing to transform the country's many and varied industries into collections of world class companies so that they can compete on an equal footing against multinational rivals.
These initiatives include banking reforms, consolidating the television industry, the gradual phasing out of unprofitable state-owned enterprises and a concerted effort to open up the poorer central and western regions of the country to foreign investment and a free market economy.
However, a recent decision by the State Administration of Radio, Film and Television (SARFT) to ban local advertisers from using foreign celebrities has led some to wonder if the Government - in its zeal to protect the country's culture and ideology and to keep Western influences at bay - has taken a step backwards.
The reason is that while one arm of the Government is working to ensure that local companies are able to stand their ground against their foreign counterparts, the other arm appears to be working in the opposite direction.
Chinese firms which are prevented from using celebrities from their own country could be put at a competitive disadvantage to those who can. And already, the China Advertising Association is protesting the move.
Let's hope that rational thinking prevails and the ban is lifted. In the latest twist, however, a SARFT official denyed there ever was a ban, a comment which only served to further confuse the situation.
For China, though, this isn't the first time something like this has occurred. Last year, it limited the adspend of state-owned enterprises to two per cent of operating revenue, only to later lift the curb to eight per cent, following a drop in TV revenue.
