Chinese leadership expected to deepen reforms to spur growth
                 English.news.cn | 2013-11-07 16:36:51 | Editor: Hou Qiang

BEIJING, Nov. 7 (Xinhua) -- The upcoming policy meeting of the Communist Party of China (CPC) is expected to unveil a package of measures to deepen reforms to achieve sustainable economic development, said experts.

The reforms are "essential for China as it tries to find a sustainable growth model over the medium and long term," said the Wall Street Journal in an article.

The Third Plenary Session of the 18th CPC Central Committee, which is expected to steer the country to an historic turning point, will kick off at this weekend.

Thanks to three-decade reform and opening up, China has become the second largest economy in the world with an annual growth rate of nearly 10 percent and an approximate 6,000 U.S. dollars GDP per capita.

However, China's economic growth has experienced a sequential slowdown since 2011, with a growth target of 7.5 percent in 2013.

China is facing comprehensive problems such as production overcapacity, local debts and shadow banks. Population aging and an enlarging wealth gap also piles pressure on the old growth model.

China's economic development has entered a stage where only reforms can unleash growth potential and reduce risks, said a research report from Britain's Barclays Bank.

Experts anticipate that the new reforms will focus on urbanization -- a critical driving force for China's long-term economic growth.

The director of the Asia Research Center of the London School of Economics, Athar Hussain, said China has made great changes in the past few years, noting that urbanization, which requires both economic and political reform, will become the most important issue for the Chinese government in the next five years.

Hussain also forecasted that more city clusters, such as the Chengdu-Chongqing cluster in the central and western areas, will be created to reduce the stress on the four megacities of Beijing, Shanghai, Guangzhou and Shenzhen.

Expert said a scientific and effective transformation to urbanization will stimulate domestic demand, balance investment and consumption, and inject new impetus to the economic growth.

As a driving force of economic growth and rebalance, the Wall Street Journal said urbanization will be supported at the Third Plenary Session of the 18th CPC Central Committee on Nov. 9-12.

Experts also pointed out that the policy of focusing on the dominant role of people is very important, which will increase the autonomy and sustainability of China's urbanization progress.

History shows that land and agriculture is deeply related to the fate of Chinese people. The old urban-rural dual structure is expected to be reshaped following reforms in such fields as the land system, the social security system, modern agriculture and law.

The Third Plenary Session of the 18th CPC Central Committee is an opportunity for China's new leadership to show their wisdom by coping with those challenges, said Anoop Singh, director of the Asia and Pacific Department of the International Monetary Fund (IMF) in an article published on IMF's website.

Related:

Li Keqiang calls for all-round rural reform

HARBIN, Nov. 6 (Xinhua) -- Chinese Premier Li Keqiang has urged efforts to push forward comprehensive reforms in the country's first approved pilot sites of agricultural modernization.

Li made the call during an inspection tour that took him to the cities of Tongjiang, Fuyuan and Harbin in northeast China's Heilongjiang Province from Nov. 4 to Nov. 6. Full story

Commentary: Chinese leadership seeks maximal reform consensus

BEIJING, Nov. 6 (Xinhua) -- The much-anticipated plenary session of China's central leadership, which is expected to set the tone for the country's future development, will try to seek the maximal strength from all walks of life in order to push forward arduous reform tasks.

President Xi Jinping told a group of foreign members of the 21st Century Council in Beijing on Saturday that a blueprint of comprehensive reform will be put forward at the forthcoming Third Plenary Session of the 18th Communist Party of China (CPC) Central Committee.  Full story

Commentary: China's reform to benefit world

BEIJING, Nov. 6 (Xinhua) -- The forthcoming Third Plenary Session of the 18th Communist Party of China (CPC) Central Committee, which will set the tone for China's development and reform in the next decade, is expected to revitalize the global economic downturn and provide inspiration for the world's economic and social development.

Foreign media say the unprecedented and much-anticipated meeting, scheduled for Nov. 9-12, will focus on comprehensively deepening reform, including economic reform and transformation of government functions.  Full story

Xinhua Insight: Hopes high on income distribution reform

BEIJING, Nov. 7 (Xinhua) -- Income distribution reform has once again come under the spotlight in China as observers pin high hopes on the upcoming key session of the Communist Party of China (CPC) scheduled to open on Saturday.

In February, the government unveiled a guideline to reform income distribution mechanisms amid growing public concern over the widening wealth gap, though details on a timetable for the reform have yet to be made available. Full story

China Focus: Reform can help vault "middle income trap"

BEIJING, Nov. 5 (Xinhua) -- After over 30 years of torrid growth catapulted China into the troop of the middle-income countries, the government is now facing an arduous task of avoiding prolonged stagnation experienced by many countries following similar increases in living standards. Full story

Xinhua Insight: China's new reforms must breach vested interests

BEIJING, Nov. 4 (Xinhua) -- When Chen Feng served passengers on his airline's first flight from Haikou to Beijing on a sunny day in May 1993, he had no idea how far Hainan Airlines (HNA) would fly. Full story

分享
Xinhua Insight: Hopes high on income distribution reform
China Focus: China's reform energizes the world
Li Keqiang calls for all-round rural reform
Commentary: Chinese leadership seeks maximal reform consensus
Xinhua Insight: Chinese expect more benefits from new reforms
China's largest freshwater lake is drying out
China's largest freshwater lake is drying out
China releases captive-bred panda to the wild
China releases captive-bred panda to the wild
Cold wave, snowfall hit parts of NE China's Heilongjiang
Cold wave, snowfall hit parts of NE China's Heilongjiang
Sunrise scenery at Qingxi Park near Yulong Snow Mountain
Sunrise scenery at Qingxi Park near Yulong Snow Mountain
Fire prevention simulation held in Jakarta
Fire prevention simulation held in Jakarta
Insecurity, poverty prevent Afghan children from schooling
Insecurity, poverty prevent Afghan children from schooling
Israelis protest outside hotel Kerry live in Jerusalem
Israelis protest outside hotel Kerry live in Jerusalem
Rescuers search missing victims after vessel accident in Paraguay
Rescuers search missing victims after vessel accident in Paraguay
Back to Top Close
010020070750000000000000011100001328678561