November 12, 2013

China's third plenum promises deep reform but sets up a committee to work out the details

China's Communist Party said it will create a new committee to "deepen reforms" to allow the free market to play a larger role in the economy at the conclusion of a four day policy summit, known as the Third Plenum, on Tuesday.

In a statement issued after the closed-door meeting had ended the official Xinhua state news agency said a decision on “major issues concerning comprehensively deepening reforms” was approved and the market will play a “decisive” role in the allocation of resources.

China will “push forward land reform and give farmers more property rights”, but included no details on specific measures.

A more detailed policy document is to be released in the coming days.

There was a long list of generalities about environmental reform and other reforms but details have to be worked out on all issues.

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