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BEIJING. — The key meeting of the Communist Party of China was expected to unveil an overall deployment of China’s comprehensively deepening reform, overseas media reported.
The four-day Third Plenary Session of the 18th CPC Central Committee, which kicked off Saturday, will deliberate on a draft decision on major issues, including transformation of government functions, urbanisation, opening up in the financial sector, fiscal and tax system reform, and price regulation.
“Some moves would be relatively easy to implement, such as insurance on bank deposits – a move that would help underpin China’s financial system as capital controls are gradually relaxed,” the Wall Street Journal said.
Russian daily Nezavisimaya Gazeta, or the Independent Newspaper, predicted transformation from an export-oriented to a consumer-oriented economy would be addressed in the meeting, including giving rural households title to land and allowing private capital into the country’s financial sector.
“These moves will motivate China’s domestic market with its 1.35 billion population, thus promoting the country’s economic development,” it said.
The meeting would “decide the economic policies that will steer China’s direction over the coming decade,” said Forbes, a US biweekly business magazine.
Forbes said it was the most prominent “Third Plenum” since 1978 when Deng Xiaoping led China on its opening up and reform path, because China had reached a turning point which could not be neglected by its leadership.
The Daily Telegraph said this year’s meeting would rival that under Deng 35 years ago by delivering a “profound revolution” which would drive the country to break free of the middle income trap and switch to a grown-up growth model.
The reforms will in theory break China’s “reliance on investment” and allow the hard working Chinese people to enjoy more of what they produce, said the British newspaper. — Xinhua.
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