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China’s leaders pledge to deepen reforms as Third Plenum ends

EconomyNov 12, 2013 09:20AM ET
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Investing.com - China's Communist Party said it will create a new committee to "deepen reforms" to allow the free market to play a larger role in the economy at the conclusion of a four day policy summit, known as the Third Plenum, on Tuesday.

In a statement issued after the closed-door meeting had ended the official Xinhua state news agency said a decision on “major issues concerning comprehensively deepening reforms” was approved and the market will play a “decisive” role in the allocation of resources.

“The core issue is to properly handle the relationship between the government and the market so as to allow the market to play a decisive role in allocating resources and the government to better play its role,” Xinhua said.

The news agency said China will “push forward land reform and give farmers more property rights”, but included no details on specific measures.

A more detailed policy document is to be released in the coming days.

Before the meeting President Xi Jinping pledged to deliver "unprecedented" and "comprehensive" reforms amid growing public anger over issues, including monopolies held by state-owned companies, widespread corruption and pollution.

The meeting of the 205-member Central Committee was the third annual plenum, or full meeting since Xi Jinping became the general secretary of the party in November and then president in March this year. Such meetings generally take place a year after new leaders take office.

Previous Third Plenums have been used by China’s leaders as a springboard for launching far-reaching economic reforms.

The main focus of the meeting was to create a new model for growth in the world’s second largest economy. After posting double digit growth rates for more than ten years Chinese economic growth slowed to a two-decade low of 7.5% in the second half of this year.




China’s leaders pledge to deepen reforms as Third Plenum ends
 

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