China pledges 'decisive' role for markets in reform push




 
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China pledges 'decisive' role for markets in reform push
 
November 12th, 2013  
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Topic: China pledges 'decisive' role for markets in reform push


China pledges 'decisive' role for markets in reform push
China's ruling party pledged to let markets play a "decisive" role in allocating resources as it unveiled a reform agenda for the next decade on Tuesday, looking to overhaul the world's second-largest economy to drive future growth. China aims to achieve "decisive results" by 2020, with economic changes a central focus of "comprehensive" reforms, the ruling Communist Party said in a statement released by the official Xinhua news agency at the end of a four-day closed-door meeting of the party's 205-member Central Committee. In previous policy statements, the Communist Party had often described markets as playing a "basic" role in allocating resources, Xinhua said, meaning the new language amounts to an upgrading of its role. President Xi Jinping and Premier Li Keqiang must unleash new growth drivers as the economy, after three decades of breakneck expansion, begins to sputter, burdened by industrial overcapacity, piles of debt and eroding competitiveness.




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