Analysts praise plenum鈥檚 ambitious goals
Print Edition
The decisions reached at the Third Plenum of the 18th Chinese Communist Party Central Committee in Beijing are more than meet the eye, analysts said yesterday.
A detailed version of the meeting’s conclusions is expected soon and analysts said they were looking for more specific initiatives to be rolled out in the coming months.
“We believe the plenum carries ambitious goals and dreams, especially in view of the significant social and economic challenges facing China now,” said Chang Jian, an economist at Barclays.
“Based on the communique, we judge that there will be meaningful progress in deregulation, fiscal reform, legal and judiciary reform, service sector liberalization and a push to the Shanghai pilot free trade zone,” Chang said.
The Party said China aimed to achieve “decisive results” in its reform push by 2020, with economic changes a central focus of overall reforms.
Liu Ligang, chief economist for China at Australia & New Zealand Banking Group Ltd, said some broad reform themes the leadership would like to prioritize could be seen.
“Overall, the new government has shown determination to push forward China’s reform process,” Liu said. “This should be a welcome sign and we believe only reforms can ensure the country returns to a sustainable path of economic growth.”
Lu Zhengwei, chief economist at Industrial Bank, said the special attention paid to fiscal reform meant that the leadership had reached consensus in this respect.
“Without meaningful fiscal reform, acceleration in financial liberalization would be premature and would lead to greater financial risks,” Lu said.
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