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People's Daily Online>>China Business

Economic reforms key to maintaining growth (2)

By Wang Xiaotian and Xie Yu (China Daily)

09:30, March 14, 2012

Jia Kang, director of the Ministry of Finance's fiscal science research center, said this year the government will work on more detailed measures to support long-term reform plans.

"Only scientific and detailed policies that are well designed could restrict some interest groups from countering implementation of the ongoing fiscal and financial reforms, as well as limiting excessive monopoly," Jia said.

"Whether China can avoid a hard landing and escape the middle-income trap is solely conditional on the pace of structural reforms. The more China delays, the less leeway China will have," said Yao Wei, China economist at the French bank, Societe Generale SA.

For 2012, an absence of infrastructural investment stimulus would be a grand gesture of reform, while game-changing moves, such as interest-rate liberalization or floating the yuan, may wait until after the political transition, she said.

Yao added that further developing the bond market, strengthening stock market regulation, reducing tax burdens on private investors and opening up more sectors to private capital are all likely to make some meaningful progress.

Li Rongrong, the former chairman of the State-owned Assets Supervision and Administration Commission, said the government needed solid resolve and courage to promote economic reform, and to realize what it had vowed to do through effective supervision and audit measures.

"The key to China's economic reform, especially lowering the threshold for private capital, lies in administration in accordance with law," said Wei Yingning, vice-chairman of China Insurance Regulatory Commission.

"For example, if a government branch prevented a private company from entering a certain area and the branch's decision was not supported by law, would there be an efficient way for the company to sue successfully?"

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