"The Chinese government on Friday detailed its reform blueprint for the coming decade in a 20-page document, announcing a slew of reforms both big and small. But how long it will take the country to implement the changes amid an immense bureaucracy, both nationally and locally, is unknown". As Bob Davis, from the Wall Street Journal reports:
"Under the Chinese system, the Communist Party sets overall policy direction, but central and provincial government agencies are charged with putting the plans into effect. As in many big government bureaucracies, China’s ministries are rife with conflicting interests and jealousies, wedded to traditional policies and frequently beholden to interest groups that benefit from the status quo. Its ministries have focused on economic growth as the No. 1 goal, at Beijing’s direction, helping to create a 30-year boom, but also producing environmental problems, dangerous debt levels and housing bubbles"."Implementation of the economic strategy plan is a “hard slog,” said Standard Chartered economist Stephen Green. HSBC China economist Qu Hongbin, said he expects the reforms to be put in place in “one to three years, rather than one to three months.”
