China’s leadership looking to unleash ‘new quality productive forces’, top economic adviser predicts
- Justin Lin Yifu says the third plenum, a key Communist Party policy meeting next month, will lead to substantial reforms
A senior economic policy adviser to the Chinese leadership has predicted that a key policy meeting will generate substantial reform measures, including steps to unleash “new quality productive forces”.
Justin Lin Yifu, dean of Peking University’s Institute of New Structural Economics and a former chief economist at the World Bank, made the comments in answer to a question during a seminar at the University of Hong Kong on Wednesday.
In his response, he first quoted the Communist Party’s own words when announcing the third plenum – which is expected to outline the country’s economic policy over the next five years – saying “every plenary session [of the party’s Central Committee] needs to bring in some new ideas and further promote development in China … There will be further deepening of the original market reforms”.
“The Chinese market for [finished] products has already been almost totally liberalised,” Lin said. “The [next] reforms will hit many markets of factors of production. And also, new quality productive forces will also be a highlight in this new plenum.”
Factors of production are the resources needed to create goods and services, and are usually defined as including land, labour, entrepreneurship and capital.
Lin did not elaborate on the specific measures China would take.