China’s Communist Party calls for greater market role
BEIJING: China’s Communist Party concluded a closely watched meeting on
Tuesday and has approved a decision on “comprehensively deepening
reforms”, state media reported. The official Xinhua news agency, in a brief dispatch, announced the close of the four-day meeting, known as the Third Plenum.
AFP PHOTO Chinese tourists at Tiananmen Square after the CPCC ’s concluded its secretive Third Plenum in Beijing on Tuesday.
AFP PHOTO Chinese tourists at Tiananmen Square after the CPCC ’s concluded its secretive Third Plenum in Beijing on Tuesday.
Citing a communique, Xinhua said the market
will play a “decisive” role in the allocation of resources, though it
did not elaborate. The meeting, which brings together all 376 members of
the ruling party’s Central Committee and takes place amid intense
security, has set the economic tone for a new government.
A decision on “major issues concerning comprehensively deepening
reforms” was approved, Xinhua said. China will establish a state
security committee, it said, again without immediately giving any
further details. Xi Jinping, the party general secretary, also delivered
what Xinhua described as a “work report”. The meeting is seen as
setting the course for the world’s second-largest economy over the next
decade and comes a year after China embarked on a once-a-decade
leadership change, with Xi taking over as party chief in November and
then state president in March. China has in the past used the meetings
to signal major changes in policy, most notably at a Third Plenum in
1978, when it embarked on the landmark drive that has seen it
transformed over the past three decades from a Communist-style command
economy into a key driver of global growth, trade and investment.
Over the course of the fourday meeting Chinese state media repeatedly raised the prospect of major reforms.
Over the course of the fourday meeting Chinese state media repeatedly raised the prospect of major reforms.
PGDM IST
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