(Yicai Global) April 10 -- China’s Two Sessions, the parallel meetings of China’s legislative and political advisory bodies, have come to an end. China decided to forge ahead with reform and opening up. It has set forth new targets and decided to open the economy wider to the world and deepen reforms.
What came out of the Two Sessions, parallel meetings of the National People’s Congress and 13th National Committee of the Chinese People’s Political Consultative Conference, is the decision to introduce more reforms in more areas with greater intensity.
The economy will reside on a high-quality growth rather than high-speed growth, the top policymakers announced.
The central task will be supply-side structural reform to give the market the decisive role in resources allocation. The priority areas of this reform will include state-owned enterprises, monopoly industries, rural vitalization, social security, and eco-conservation.
China’s reform and opening has set off seismic changes in the country over the past 40 years at a scale unprecedented in human history. But such a rapid development and fast pace have generated its own contradictions and challenges.
However, China’s hands-on economic management style at different government levels gives it a pragmatic edge. The financial sector is a case in point, where regulators work round-the-clock to tackle issues, deregulate and contain financial risk.
China’s top planners are aware that they have to proceed cautiously and step by step. As one of its former leaders famously said, it crosses the river while feeling the pebbles under the water.