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China to modernise governance- Xi
November 14, 2013, 6:17 am

China is to relax investment restrictions and accelerate construction of free trade zones (FTZ), said a communique released after a key meeting on reform [Getty Images]

China is to relax investment restrictions and accelerate construction of free trade zones (FTZ), said a communique released after a key meeting on reform [Getty Images]

Chinese President Xi Jinping on Wednesday said “comprehensively deepening reforms” in the world’s second largest economy will not only provide a strong impetus for China’s progress but also offer opportunities to other nations around the world.

The government will continue to push forward the “reform and opening-up” policy which first began in 1978, Xi told visiting Yemeni President Abdorabuh Mansour Hadi.

“The objective of the reforms is to improve and develop a socialist system with Chinese characteristics and push on with modernisation of the country’s governing system and capabilities,” Xi said.

China is to relax investment restrictions and accelerate construction of free trade zones (FTZ), said a communique released after a key meeting on reform.

FTZs will be expanded in inland and border areas, said the document adopted at the Third Plenary Session of the 18th the Communist Party of China Central Committee held from November 9-12 in Beijing.

China’s fiscal revenues in October rose 16.2 per cent from a year earlier to 1.2 trillion yuan ($197 billion), the Ministry of Finance said on Wednesday, accelerating from September’s 13.4 per cent rise.

The critical message that emanated at the end of the Third Plenum meet was that the market is to play a “decisive role” in China’s economy.

Source: Agencies 

One Response to China to modernise governance- Xi

  1. Rich Reply

    November 14, 2013 at 4:52 pm

    “reform and opening-up”??..we’ll see…or probably not…..

    JPMorgan’s Fruitful Ties to a Member of China’s Elite

    To promote its standing in China, JPMorgan Chase turned to a seemingly obscure consulting firm run by a 32-year-old executive named Lily Chang.

    Ms. Chang’s firm, which received a $75,000-a-month contract from JPMorgan, appeared to have only two employees. And on the surface, Ms. Chang lacked the influence and public name recognition needed to unlock business for the bank.

    But what was known to JPMorgan executives in Hong Kong, and some executives at other major companies, was that “Lily Chang” was not her real name. It was an alias for Wen Ruchun, the only daughter of Wen Jiabao, who at the time was China’s prime minister, with oversight of the economy and its financial institutions.

    JPMorgan’s link to Ms. Wen — which came during a time when the bank also invested in companies tied to the Wen family — has not been previously reported. Yet a review by The New York Times of confidential documents, Chinese public records and interviews with people briefed on the contract shows that the relationship pointed to a broader strategy for accumulating influence in China: Put the relatives of the nation’s ruling elite on the

    payroll

    http://dealbook.nytimes.com/2013/11/13/a-banks-fruitful-ties-to-a-member-of-chinas-elite/?

    same ole, same ole….

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