China’s Xi Jinping hypes up obstacle-crushing economic reforms as expectations for third plenum reach fever pitch
- Fresh calls from the president point to a ‘milestone year’ for the implementation of much-ballyhooed changes that embrace Chinese-style modernisation
- But with crippled confidence remaining a key hindrance to economic gains, Beijing looks to have its hands full as it seeks to remove ‘institutional obstacles’
Addressing China’s top group on systemic reform, President Xi Jinping has called for the country to stay laser-focused on breaking down institutional impediments that stand in the way of nationwide modernisation efforts.
And some China-watchers say Monday’s meeting could also signal that preparatory work is well under way for the 20th Central Committee’s reform-themed third plenum – a highly anticipated party gathering that was delayed from last year and has not been formally announced.
Following discussions by the Central Commission for Comprehensively Deepening Reform that Xi steers, state media said a “milestone year” was in the making.
“This year’s priority is to plan further reforms in promoting Chinese-style modernisation. We must persist in using reform as part of an overarching strategy to solve risks and challenges and to boost confidence, with a key focus on institutional obstacles,” party mouthpiece Xinhua said in a readout after the meeting.
“How to restore confidence is one key aspect to watch, as Beijing cooks up new reform initiatives and implementation plans,” said Alex Ma, an associate professor of public administration at Peking University.
Economic confidence remains stubbornly feeble even after Beijing rolled out policy packages tailor-made for private and foreign firms in the second half of last year.