Economic growth soared in the last few decades mainly due to the country’s increasing integration into the global economy and the government’s bold support for economic activity. However, the successful economic model that lifted hundreds of millions out of poverty and fueled the country’s astonishing economic and social development has also brought many challenges. Severe economic imbalances, mounting environmental issues, rising economic inequality and an aging population are the key questions that the new administration lead by President Xi Jinping will have to tackle in the near future in order to ensure the country’s sustainability.
The final communique of the Third Plenary Session of the 18thChina Communist Party (CPC)’s Central Committee held in Beijing on 9-12 November 2013 unveiled an ambitious road map for economic reform. Chinese authorities vowed to deepen economic reform and give the market a decisive role in allocating resources. That said, they reaffirmed the leading role of the state in the economy. Authorities also stressed the need to promote market-oriented reforms in state-owned companies and to accelerate interest rate liberalization, capital account convertibility and exchange rate reform. According to the Plenum communique , reforming the hukou system of household registration, enhancing farmers’ property rights, further development of social welfare, improving the judiciary system and promoting a more developed fiscal system would be on the agenda. In addition, Xi launched an aggressive anti-corruption campaign, which targeted senior officials of the Communist Party.
Although gradual, Chinese authorities have already unveiled a series of reforms in a wide range of sectors, signaling Xi Jinping and Li Keqiang’s commitment to push forward their agenda.
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