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China's Xi calls for implementation of the reform, but does not offer new measures

BEIJING (Reuters) – China's President Xi Jinping called on Tuesday for the unserious implementation of reforms on Beijing's terms, but did not offer any new specific measures in close monitoring of the talent mark for 40 years of liberalization of the market. China President Xi Jinping speaks at an event marking the 40th anniversary of China's reform and opening in the People's Great Hall 1 8th December 2018. REUTERS / Jason Lee In comments lasting almost an hour and a half, Xi demanded support for the state economy and the development of the private sector, saying that China would expand its efforts at opening and ensure the implementation of major reforms. China's significant support from its spreading state sector is a doubt with the United States. "We must undoubtedly reinforce the development of the state economy, while we undoubtedly encourage, support and control the development of the non-state economy," he said at Beijing's major public hall. Xi spoke on the day China has marked the 40th anniversary of the start of late leader Deng Xiaoping's campaign for "reform and opening", which led to explosive industrial growth that made China's economy the world's second largest. Xi confirmed the leadership of the ruling Communist Party in all aspects of society, and the reforms should be consistent with the overall goal of improving the socialist system of Chinese characteristics. "Opening gives progress while closing leads to backward direction," said Xi. "Every step of reform and opening is not easy. In the future, we…

BEIJING (Reuters) – China’s President Xi Jinping called on Tuesday for the unserious implementation of reforms on Beijing’s terms, but did not offer any new specific measures in close monitoring of the talent mark for 40 years of liberalization of the market.

China President Xi Jinping speaks at an event marking the 40th anniversary of China’s reform and opening in the People’s Great Hall 1

8th December 2018. REUTERS / Jason Lee

In comments lasting almost an hour and a half, Xi demanded support for the state economy and the development of the private sector, saying that China would expand its efforts at opening and ensure the implementation of major reforms.

China’s significant support from its spreading state sector is a doubt with the United States.

“We must undoubtedly reinforce the development of the state economy, while we undoubtedly encourage, support and control the development of the non-state economy,” he said at Beijing’s major public hall.

Xi spoke on the day China has marked the 40th anniversary of the start of late leader Deng Xiaoping’s campaign for “reform and opening”, which led to explosive industrial growth that made China’s economy the world’s second largest.

Xi confirmed the leadership of the ruling Communist Party in all aspects of society, and the reforms should be consistent with the overall goal of improving the socialist system of Chinese characteristics.

“Opening gives progress while closing leads to backward direction,” said Xi.

“Every step of reform and opening is not easy. In the future, we will inevitably face all kinds of risks and challenges, and even unimaginable storms,” ​​says Xi, emphasizing the role of the communist party.

Xi spoke at mounting pressure to accelerate reforms and improve market access for foreign companies as a trade war with the United States weighs on the economy.

His remarks failed to excite investors, with Chinese stock indexing down more than 1 percent, tracking largely lower Asian stocks.

“Despite promises about the importance of the speech, very little was announced, especially considering that it was similar to parts of Xis speech at the Politburo’s meeting a few days earlier,” says Jonas Short, chief of Beijing Beijing Everbright Sun Hung Kai. [19659004] Brief attention would now be focused on the Central Economic Work Conference, which is expected later this week for clues

NO BOOK, NO BOSS

The trade war has urged some Chinese entrepreneurs, government advisors and mindservers to demand faster reforms and the release of a private sector billed by state controls and struggling to gain access to credit. .

Xi said that China must make its own decisions.

“There is no textbook that can provide a golden rule, and there is no instructor who can be the boss around the Chinese people.”

Xi and US President Donald Trump agreed early in the month about a 90-day violence in the trade dispute, which stopped the threatened escalation of penalties while the two parties negotiate.

In his speech, Xi noted the construction of China’s development as it moved away from a planned economy, when basic goods were ranting and often scarce.

“Cake coupons, coupons, meat coupons, coupons, oil coupons, coupons, food card books, product coupons and other documents that could not be left without being sent to the historic museum,” he said.

“The thorns of hunger, lack of food and clothes and the difficulties that have plagued our people for thousands of years have generally gone and will not come back.”

Slideshow (9 Images) [19659023] A number of luminaries in attendance were cited for their contribution to economic reforms, including the leaders of online giants Alibaba, Tencent Holdings and Baidu and car dealers Geely Automobile Holdings, a nod to the private the role of the sector.

Xis stressed the need for “top level design” suggested that he is not willing to significantly reduce the state’s role in the economy, Beijing-based political commentator Zhang Lifan said that the trade war had already damaged the economy.

“He talks about the need for a strong government, large and powerful state-owned enterprises and large-scale investments. It seems that his thinking about this has not changed, said Zhang.

Reporting by Kevin Yao; Further Reporting of Stella Qiu , Yawen Chen and Christian Shepherd; Written by Ben Blanchard and Tony Munroe; Editing Michael Perry, Robert Birsel

Our Standards: Thomson Reuters Trust Principles.


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