China President stresses market forces in reforms

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Beijing: China President Xi Jinping has emphasized the importance of free markets in the country’s economic reforms, state media said, another indication that the government is persevering with plans to bring about sweeping changes.

Allowing market forces to allocate resources would mark a new stage of growth in the world’s second-biggest economy, Xinhua news agency said Xi told the Politburo.

As part of plans to alter the economy and reduce dependence on exports and state investment, Beijing unveiled in November its most ambitious plan for change in 30 years that would allow free markets to have a bigger role.

The key question is how to handle the relationship between the market and the government, Xi told the Politburo, an elite body made up of the country’s 25 most powerful leaders.

 

Source: Reuters