China: ‘Unprecedented’ Policy Changes Ahead
October 28th, 2013Via: Bloomberg:
Chinese Politburo member Yu Zhengsheng said reforms to be discussed at a Communist Party meeting next month will be unprecedented, adding to signs that leaders are resolved to spur far-reaching policy changes.
Yu’s comments, made in a speech at a forum to promote relations with Taiwan, were reported by the official Xinhua News Agency on Oct. 26. Yu is ranked fourth in the seven-strong Politburo Standing Committee headed by party chief and President Xi Jinping.
Premier Li Keqiang has pledged to cut the state’s role in the economy, change the financial and fiscal systems, and overhaul land and household registration rules to sustain growth. Analysts surveyed by Bloomberg News this month said policies flowing from the meeting, called the third plenum, will reduce the odds of a severe slowdown and help China become a high-income country by 2030.
The meeting “will focus on studying comprehensive and deep reform,” Yu was quoted as saying in Xinhua’s report. “The depth and strength of the reforms will be unprecedented and will promote profound changes in every area of the economy and society.” The report didn’t refer to any policies or measures.
Yu’s remarks follow comments Xi made to foreign business executives last week that “comprehensive reforms” would be “planned out” during the plenum, according to an English-language Xinhua report on Oct. 23 that didn’t specify any policies.
