Economy Nov 04

China’s leadership clarifies upcoming reforms

President Xi says he is calling for a change in consciousness to implement a new pattern of reform and development

China’s leadership clarifies upcoming reforms
Chinese leader Xi Jinping admits the country has a lot on its plate. Key issues raised recently include structural adjustment of the state-owned economy, building a high standard market system, strengthening supervision of state-owned assets, developing services for China’s growing elderly population, creating a "forest chief system" to monitor environmental issues and for cultural enterprises to have more social responsibility. File photo by AFP.

(ATF) China’s General Secretary Xi Jinping commented this week on China’s deepening reform process, admitting that the country has a lot on its plate with new plans it has put in place, but he said that by the end of the process China will have entered a different development model.

With China being such a large country, there were major issues – to make sure the new reforms are fully implemented and the strategy is properly understood at local government level, in all regions and departments and at grassroots level.

In fact, Chairman Xi says he is calling for a change in consciousness to implement the new pattern of reform and development.

The key measures outlined at the 16th meeting of the Central Committee for Comprehensively Deepening Reform are structural adjustment of the state-owned economy, building a high standard market system in China, strengthening supervision of state-owned assets, developing services for China’s growing elderly population, creating a "forest chief system" to monitor environmental issues, while cultural enterprises will have more social responsibility.

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They also need to improve the delisting mechanism on the stock exchanges, severely crack down on illegal securities activities, and comprehensive reform of the education system.

These measures will be carried out concurrently as a part of the 14th Five-Year Plan, which will rebuild China’s infrastructure and focus on high-tech industries.

The meeting also announced that the Party will deepen the supply-side structural reform as the "main line,’ as shown on CCTV.

There will be a focus on functions such as strategic security, industry leadership, national economy and people’s livelihoods, public services, and other matters.

The finance sector will see adjustments to the stock structure, to optimise the direction of incremental investments.

And the Party will resolutely prevent the loss of state-owned assets. It also wants to continuously enhance the competitiveness, innovation, control, influence, and risk resistance of the state-owned economy.

China reforms President Xi Xi Jinping 14th 5-year plan SoEs state assets elderly people markets stock exchanges education system economy