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NO BEATING AROUND THE BUSH
China's decision makers spent more than nine years researching and debating before the State Council issued a guideline on income redistribution in early February.
Ye Qing, deputy chief of the Hubei Provincial Statistical Bureau and a deputy to the 11th National People's Congress, thinks the guideline has offered a glimpse of the complexity of the most urgently needed reforms in China's key areas.
"The CPC's new leadership has taken a series of measures over the past three months to advocate frugality and administrative transparency and build a good public opinion atmosphere for advancing reforms. It is against such a backdrop that the guideline has been issued," said Ye.
Global credit-rating agency Moody's takes the 35-point guideline as "credit positive" because it includes a recognition by Chinese leaders that state-funded investment growth is not viable over the long term, and that a more moderate and sustainable pace of economic growth will enhance China's economic resilience and sovereign credit-worthiness.
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