The leaders of China’s Communist Party have unveiled a series of reforms after their third full meeting or plenum, as it was called, came to an end.
The world’s second biggest economy will make markets “decisive” according to the statement issued at the end of the closed door summit. It went on to say the state would remain “dominant” in the economy.
But the communique stopped short of unveiling detailed policy. It is understood potential policy changes will be released in the future.
“To carry out all-out reform would be very difficult. You cannot expect major adjustments to be made to all the government departments all at once. Experience of successful reforms in the past tells us that we can push ahead reform in one key area first, then that reform will make the others happen,” said Zhang Bin, an economist at the Chinese Academy of Social Sciences.
It was announced that a new committee will oversee internal security to guard against social unrest and farmers will be given more property rights over their land.
Hong Kong shares reacted to the statement with their biggest loss in nearly three months. The Hang Seng Index finished down 1.9 percent with one analyst saying the statement from the plenum “underwhelms in detail”.