'Unprecedented' Reforms to Help China Become a High-Income Country by 2030

China's Communist Party is expected to discuss 'unprecedented' reforms at a meeting next month, revealed Chinese Politburo member Yu Zhengsheng at a forum to promote relations with Taiwan.

 

The changes aim to 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.”

 

Xinhua reports that Yu’s remarks follow comments President Xi Jinping made to foreign business executives last week that “comprehensive reforms” would be “planned out” during the third full meeting, or plenum.

 

“We must properly handle the relations between reform, development and stability, and with greater political courage and wisdom, further open our minds, unleash and develop social productivity, and enhance the creative forces of the society,” Xi was quoted as saying.

 

A Bloomberg survey indicates that the odds of a severe slowdown in China or a credit crisis will fall after the summit as leaders tackle local-government debt and financial reforms. Asked which reforms are most needed now and most likely in the next 12 months, survey respondents ranked changes in financial markets and local-government funding as both most urgent and probable.

 

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