15 Nov 2013
China releases details of reform plan
FXstreet.com (Barcelona) - The Chinese government gave some more details on it's reform program on Friday, supplementing the information included in the Third Plenum communiqué published earlier this week.
According to the release, China will relax its one-child policy and open its market to private and foreign investors in order to boost economic growth, which after expanding at an impressive rate for three decades is starting to slow down.
The document outlines such measures as giving a go ahead to the creation of privately owned banks, accelerating of the opening up of its capital account and allowing the markets to partly determine the pricing of fuels, electricity and other resources.
As far as taxation is concerned, Chinese leaders pledged to implement new environmental levies, step up the reform of the property tax, and impose a consumption tax on high-polluting and high-energy-consuming products.
In terms of social reform, apart from the changes made to the one-child policy, Chinese leaders pledged to do away with the controversial labor camps, as well as consolidate the rural and urban social security systems.
The vastness and boldness of the reform program shows that president Xi Jinping has managed to strengthen the power behind him considerably since taking over as head of state.
According to the release, China will relax its one-child policy and open its market to private and foreign investors in order to boost economic growth, which after expanding at an impressive rate for three decades is starting to slow down.
The document outlines such measures as giving a go ahead to the creation of privately owned banks, accelerating of the opening up of its capital account and allowing the markets to partly determine the pricing of fuels, electricity and other resources.
As far as taxation is concerned, Chinese leaders pledged to implement new environmental levies, step up the reform of the property tax, and impose a consumption tax on high-polluting and high-energy-consuming products.
In terms of social reform, apart from the changes made to the one-child policy, Chinese leaders pledged to do away with the controversial labor camps, as well as consolidate the rural and urban social security systems.
The vastness and boldness of the reform program shows that president Xi Jinping has managed to strengthen the power behind him considerably since taking over as head of state.