World Economy

Xi Urges Boost to Economic Reforms

Xi Urges Boost to Economic ReformsXi Urges Boost to Economic Reforms

China’s key reforms have been smooth over the last three years, but implementation needs to be faster, Xinhua news agency said, citing a statement from a meeting chaired by President Xi Jinping on Tuesday.

Xi called for solid efforts to advance reforms, with more focus needed on the economy, at the meeting of the Central Leading Group for Deepening Overall Reform, Reuters reported.

Some analysts say China’s reforms, particularly those of state firms, have been slower than expected.

China should deepen rural land reform and protect land rights according to land transfer contracts and ensure stable business expectations, the statement said. Protection of intellectual property rights should also be improved, the group said.

The statement said green finance was important for environmentally friendly development and supply-side reform.

Meanwhile, Xi has reshuffled three top provincial-level Communist Party posts as he seeks to place his men in key positions ahead of a once-every-five-years congress next year, and more new appointments are likely soon.

The party congress, expected to be held next autumn, will see Xi further cement his hold on power by appointing close allies into the party’s ruling inner core, the 25-member Politburo and the seven-member Politburo Standing Committee. Xi, who doubles as Communist Party and military chief, is ranked No 1 in the Standing Committee–the apex of power in China.