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WISDOM MATTERS MORE THAN COURAGE
Xi Jinping, general secretary of the CPC Central Committee, has vowed not to stall in reform and opening up. He called on all CPC members to garner more political courage and wisdom to waste no time pushing reforms in key areas.
The road ahead for the Party and the government, however, is a rough one because a variety of key reforms are to be completed, ranging from narrowing the wealth gap, reducing monopolies, supporting private enterprises, environmental protection, reducing corruption, streamlining taxation, improving administrative efficiency, to ensuring equal access to medical services, education and old-age pensions.
According to Moody's research, the key credit challenges facing the leaders taking office in March mainly revolves around re-balancing growth toward private consumption, furthering market reform and maintaining social stability.
Apart from the income redistribution reform which will help narrow the wealth gap and reduce the country's extra dependence on foreign trade for economic growth, China has activated reforms in many spheres since the conclusion of the 18th CPC National Congress in mid November.
The NPC Standing Committee has deliberated on a draft amendment of the Land Administration Law, submitted by the State Council, which proposes raising compensation for farmers whose collectively owned land is expropriated and suggests more strict rules to manage excessive land expropriations.
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