Currency Analyst since 2010

Сhina: results of the plenum

China’s President Xi Jinping and hundreds of top Communist leaders gathered in Beijing to map out an economic blueprint to sustain growth and drive the urbanization of hundreds of millions of rural residents. This is a very important event which might landmark a change in Chinese economy and will have global implications.

Here are the essentials:

-          The nation will deepen reforms and give markets a bigger role in allocating resources.

-          The authorities pledged changes to the fiscal system and income distribution.

-          China is targeting “decisive” results on reforms in key sectors by 2020.

-          A committee for deepening economic reforms will be set up.

The report came after the close of Chinese markets. The benchmark Shanghai Composite Index went up by 0.8% today, the biggest gain this month.

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