The China Development Forum is billed as the centre piece of China’s leaders meeting with global business and academic leaders, where they unfold their view of China and its economy and, thereby, its potential inter-relationship with the global economy.
The meetings are fairly formal but the view of most attending is that it is the frankest sharing of views by Chinese leaders.
Following the Party Congress in 2012 which elected the new leaders, the Third Plenum, last December, which outlined their economic policies, and the National People’s Congress, this month, which described the Governments role, we now have a clearer picture of the policy destination, the challenges, and the initial steps.
The varied responses to China’s challenges from Western commentators seem to be narrowing into a more refined and shared assessment. The views seem to coalesce that China’s targets are sensible, realistic but difficult to achieve because of resistance to change and the complex global situation.
China has learnt a lot and translated dogma into a simpler concept which values social justice and sustainable growth to become a medium sized economy. Combining leadership with the natural vigour and creativity of the market is their recipe, and regulators and strategic shareholders will be the instruments of guidance.
Agriculture is well underway to a modern form, urbanisation is well ahead of expectation, and social justice is emerging in its early stages.
Martin Wolf of the Financial Times has often debated with John Ross about the role of State investment. I have followed their discourses and welcome this article by Martin from the ever interesting Financial Times. I hope you enjoy reading it too.
Categories: Economic policy