Standard Chartered pointed out in its report released on September 2 that China's key reforms have begun. The Third Plenary Session of the 18th CPC Central Committee will be officially held in November 2013. Standard Chartered believes that the meeting will approve a series of broad principles for the next phase of China's economic reform.
Standard Chartered said in the report that they believe that reform has begun. Anti-corruption, the restriction of government approval power, the liberalization of interest rates, and the lack of substantial relaxation of monetary policy during the long-term economic slowdown can be considered as the beginning of reform. Standard Chartered believes that this third Plenary Session will be a catalyst for these reforms.
The Third Plenary Session of the CCP is very important. In the report, Standard Chartered analyzed and stated the impact of the Third Plenary Session of the Chinese Communist Party on China and the prospects of the Third Plenary Session of the 18th CPC Central Committee.
First, Standard Chartered introduced in the report that the Third Plenary Session is a meeting on overall economic policy, and its focus is on the economy. The Third Plenary Session will generally approve at least one major economic document, most of which will affect penetration into other areas. Standard Chartered further pointed out in the report that the significance of the Third Plenary Session to the Chinese economy at certain moments is enormous, such as the Third Plenary Session of the Eleventh Central Committee. Standard Chartered said in the report that at the Third Plenary Session of the Eleventh Central Committee, then Prime Minister Hua Guofeng was demoted and a series of new economic reform strategies were approved at the meeting. The report pointed out that the impact of these economic policies on the Chinese economy at that time was significant, such as the increase in the purchase price of food; the commune system was abolished, and farmers were allowed to farm their own farmland and sell their own products.
But at the same time, Standard Chartered also pointed out in the report that sometimes the results of the Third Plenary Session will be disappointing. The report argues that â€œthe reason why the Third Plenary Session of 2003 did not cause actual change is still under discussion. But the lesson that is most likely to be learned by the current leadership is that broad policy objectives require the support of detailed plans. â€
At the same time, Standard Chartered also showed the expectation of the Third Plenary Session of the Chinese Communist Party in this report. Standard Chartered pointed out in the report, "We do not expect this meeting to achieve a structural change like that of 1978, but we are confident that it will not disappoint us like the 2003 meeting."
In addition, Standard Chartered also indicated in the report that they expect broad policy principles to appear in the documents of the Third Plenary Session, rather than a discussion of the details. Standard Chartered believes that the Third Plenary Session is not the place to discuss details, and the key to the Third Plenary Session is to outline clear and clear principles that can protect future policy details. The report states that â€œwe expect one or two slogans in the document to be emphasized and can be widely discussed as a guide to change.â€
In addition, Standard Chartered stressed in the report that government reform should be the focus of attention in 2013. Standard Chartered indicated in the report that it hopes that the documents of the Third Plenary Session of the Chinese Communist Party can include the following aspects: streamlining the government; repositioning government functions; providing sustainable sources for local finance; establishing a strict budget to ensure effective use of funds Improve the evaluation system for local government officials; identify local government debts now or in the future; find ways to allow private sector access to infrastructure construction projects.
Standard Chartered continued to point out that â€œthe core ideas behind all these methods are: limiting the impact of administrative power on the economy at the local level; reducing government personnel, limiting the ability of local governments to borrow; and using more resources for social spending. All of this should bring further changes to the growth model."
In addition, Standard Chartered does not believe that the reform of state-owned enterprises will be explicitly discussed at the Third Plenary Session, because this is still a sensitive topic.
The key reforms in China have already begun, and the Third Plenary Session of this time is of great significance.
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