New Measures Hopes to Deepen Reforms to Achieve Economic Development
As China releases a new set of measure that they hope will deepen the reforms to further achieve a sustained economic development and will eventually steer the country into a turning point. The third plenary session of the 18th CPC Central Committee will start tomorrow and will be discussing these reforms as most say is essential as the country is trying its best to look for a bases of sustainable growth both short and long term.
In the thirty years of opening up, reform and hard work, China has able to achieve the ranking of the second biggest economy in the world with an annual growth rate of more than 10 percent, but in 2011 the country’s economic growth started to slow down and saw a growth target of just 7.5 percent for 2013. The country is also facing problems such as overcapacity in production, shadow banks and local debts. Furthermore an aging population and a gap in wealth are also adding to the pressure of the country’s old growth model.
Economic experts hope that the new reforms can focus on the urbanization of the country which some say is the driving force in order for the country to have a long term economic growth. Other experts say that urbanization requires both economic and political reform will be the the issue for the next five years.