13-11-2013, 08:02 PM
Lack of details and concrete plans...
Chinese markets slide after release of new reform plan
SHANGHAI — Unimpressed by the promotion of markets to a “decisive” role in China’s reform agenda for the next decade, investors sold off Chinese shares today (Nov 13), disappointed by a lack of details in the reform plan and apparent reluctance to overhaul the state-owned sector.
United States Treasury Secretary Jack Lew also bemoaned the lack of details and said he hoped to gather more information about specific policies in discussions with China.
“Frankly, there are a lot of questions still to be answered,” he said on CNBC during a visit to Singapore. “The communique coming out of the plenum was at a very general level.”
The ruling Communist Party said at the end of a four-day conclave of its 205-member Central Committee yesterday that it aimed to achieve “decisive results” by 2020, and gave markets a more prominent role.
By setting an unusually explicit self-imposed deadline and establishing a special working group, the new administration of President Xi Jinping and Premier Li Keqiang suggested a more decisive reform push than under the previous leadership.
But while the communique mentioned several reform areas Beijing aimed to tackle, its language was even more general than some had expected and it explicitly underscored the importance of the state sector for the economy.
...
http://www.todayonline.com/business/chin...eform-plan
Chinese markets slide after release of new reform plan
SHANGHAI — Unimpressed by the promotion of markets to a “decisive” role in China’s reform agenda for the next decade, investors sold off Chinese shares today (Nov 13), disappointed by a lack of details in the reform plan and apparent reluctance to overhaul the state-owned sector.
United States Treasury Secretary Jack Lew also bemoaned the lack of details and said he hoped to gather more information about specific policies in discussions with China.
“Frankly, there are a lot of questions still to be answered,” he said on CNBC during a visit to Singapore. “The communique coming out of the plenum was at a very general level.”
The ruling Communist Party said at the end of a four-day conclave of its 205-member Central Committee yesterday that it aimed to achieve “decisive results” by 2020, and gave markets a more prominent role.
By setting an unusually explicit self-imposed deadline and establishing a special working group, the new administration of President Xi Jinping and Premier Li Keqiang suggested a more decisive reform push than under the previous leadership.
But while the communique mentioned several reform areas Beijing aimed to tackle, its language was even more general than some had expected and it explicitly underscored the importance of the state sector for the economy.
...
http://www.todayonline.com/business/chin...eform-plan