China opens key party session, reform tops agenda (3)

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China opens key party session, reform tops agenda (3)

(Xinhua) 09:13, November 10, 2013

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GREATLY EXPECTED REFORM

Since it took office nearly a year ago, the current Chinese leadership has been making reform moves.

In December 2012, President Xi Jinping signalled his commitment to this drive by making his first inspection tour as new Party chief to Shenzhen, the forefront of China's reform and opening up, where he stressed that "reform will not come to a standstill nor will opening up come to a stop."

The new central government formed in March has been pushing forward an institutional reform, which aims to cut red tape and decentralize power at its core. So far, it has abolished or transferred 221 administrative approval items to local governments.

Market-oriented reform is under way as well. In July, China's central bank canceled the floor on lending rates. The China (Shanghai) Pilot Free Trade Zone launched in September is expected to create a testing ground for convertibility of the Chinese currency and the deregulation of interest rates.

Analysts say that, helped by official reform policies and announcements, a strong consensus on and great expectations of reform are building in the country.

Professor Wang Huaichao with the Party School of the CPC Central Committee said there is no disagreement on the necessity of reform. "The debate is on the sequence, degree and measures of reform," said Wang.

Qin Gang, another professor with the school, believes that reform must address public expectations, such as narrowing the income gap, social equality, and an end to corruption through institutional changes.

Private and state-owned enterprises should be on an equal footing in using production resources, competing in markets and enjoying legal protection, said Xie Lingquan, board chairman of a private food company in Shaanxi Province.