China seeks coordination over reform-related issues
Print Edition
China has decided to set up a mechanism to coordinate with government bodies on economic reform-related issues.
Under the planned mechanism, the National Development and Reform Commission, China’s top planning body, will hold meetings with 34 other ministries and government agencies, including the Ministry of Environmental Protection and the People’s Bank of China, on economic reform-related issues.
The joint meeting system will be led by NDRC director Xu Shaoshi, and comes ahead of a key Party meeting in November that is expected to roll out more reform policies.
The mechanism will encourage government agencies to step up coordination among themselves and make a concerted effort in coming up with regulations at a time when the Chinese leaders are gearing the economy up into a sustainable growth mode — relying less on investment, exports and credit and boosting consumption.
A similar joint meeting mechanism was established last month on financial policies and regulations among China’s financial regulators — the PBOC, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the State Administration of Foreign Exchange.
These financial supervisors will also be a part of the new economic reform joint meeting mechanism.
President Xi Jinping is expected to use the November gathering of the Central Committee of the Party to push ahead with his economic reform agenda.
The meeting is expected to approve a document laying out the broad principles of China’s next stage of economic reform, which could “herald significant change,” Standard Bank economists led by Stephen Green said in a report. For example, they said, there could be measures to limit administrative involvement in the economy at the local level.
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