The Third Plenum has ended with an array of new reform ideas. Experts say that among the highlights of the new reform agenda is a more "decisive" role for the market in allocating resources, and more balanced relations between the market and government.
"In the past, we referred to the role of the market as fundamental, now the role of the market is decisive. It shows the central government’s determination to adhere to the market economy system. The government will participate less in the economy. But it must enforce its roles in the public sector, such as public security, food and medicine safety, and environmental safety." Chen Yulu, monetary policy expert with People’s Bank of China, said.
"In the past, the government took a stronger role in the market. The government exceeded its powers in economic management and resource allocation. Now, the government will set boundaries. It will step back from areas where it had intervened. Therefore many problems in China’s economy will gradually be solved." Fan Jianping, chief economist with State Information Center, said.
Source: CCTV
