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Reforms to show convergence of policy objectives
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A GENERAL framework for future growth charted at the recent plenum of the Central Committee of the Communist Party of China (CPC) ushered in a major phase of comprehensive and deeper reforms for the world’s second-largest economy.
Since the start of 2013, China’s economy and related policies have been a focus of global attention.
A recent HSBC survey showed that China’s composite purchasing managers’ index (PMI), covering both the manufacturing and service sectors, rose to 52.3 in November from October’s 51.8, the strongest expansion in eight months.
Credit ratings agency Standard & Poor’s (S&P) also issued a report on the Chinese economy, predicting future economic changes after the third Plenary Session of the 18th CPC Central Committee earlier in November.
Economic and political developments in the next two to three years were likely to maintain China’s current credit rating of AA- on its long-term sovereign debt, as structural economic reforms could reduce risks in the financial sector, the agency said.
Nicolas Baverez, a French economist, wrote in an article published in the daily newspaper Le Figaro that an aging population and the crisis of global capitalism demand that both developed and developing nations rebuild their development models.
China should carry out comprehensive reforms to keep its position as the world’s second-largest economy, he said.
According to a statement following a Political Bureau meeting presided over by General Secretary of the CPC Central Committee Xi Jinping recently, China will continue to maintain consistency and stability in its macro-control policies next year.
Many challenges
Many overseas observers noticed China had launched reforms in some key areas, with an increasing convergence of economic achievements and the country’s policy objectives.
“Most importantly, economic outcomes are becoming increasingly aligned with the authorities’ goals,” according to William H. Overholt, a senior research fellow with John F. Kennedy School of Government’s Ash Center for Democratic Governance and Innovative at Harvard University. He commented in an article titled “China’s New Reforms in Theory and Practice.”
“Services already account for more output and employment than industry — the Internet company Alibaba, for example, is empowering both consumers and smaller companies on a previously unimaginable scale — and recent growth has been driven by domestic demand rather than net exports,” the article read.
However, as Baverez said in his article, China still faces some huge challenges in its reform process, including its aging population, uncertainty in urbanization, mounting personal debt, imbalanced development, environmental protection and corruption.
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