The country is much in need of policy reform as the mostly rural population urbanizes and as exports and manufacturing continue to increase.
The party announced after the summit, known as the third plenum, the creation of a new state security committee to streamline the country's domestic affairs and foreign policy, and a new agency to address economic policy. The move is likely to give the party greater control over "all levels of power," with the stated goal of creating greater social and economic cohesion.
Chinese incomes are rising as the service sector grows to be as big as the manufacturing sector, with each accounting for about 45 percent of the economy, and the remainder committed to agriculture.
The summit communique did not provide specific policy changes that were likely discussed at the closed-door meeting of nearly 400 Communist Party leaders. But it did address and provided a clear role for the private sector in resource allocation.
“The core issue is properly handling the relationship between the government and markets, giving markets a decisive role in the allocation of resources while better applying the role of government,” noted the communique.
The new body aiding economic growth will aim to lighten restrictions on rural land ownership and interest rates charged by banks, currently controlled by the government. This is in effort to promote leasing of land and bank loans, and promote consumer spending and access to urban lifestyles.
But while the agency might aim to promote a market-friendly environment, it is expected to maintain a strictly authoritative rule.
[New York Times]
[Wall Street Journal]
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