China’s ruling Communist Party kicked of a series of meetings this week focusing on financial reforms to maintain a growth rate of 7%. Some of the topics are usual suspects. But there are others that are new and forward looking. These were announced by People’s Bank of China’s chief economist, Ma Jun include inclusive finance, venture capital finance, internet finance and even green finance.
We will see in the coming days if these are window dressing or really key components of financial policy that takes into consideration social imbalances and sustainability. In any case, it is good to see that these topics are included alongside the traditional monetary policy issues.
The Central Committee, which is the largest of the party’s elite governing bodies with more than 200 full members, will issue its decisions in the 13th 5 year plant charting out the course for China’s economy until 2020.
Premier Li Keqiang is determined to demonstrate that the government will grow at 7% this year.had never said the economy must grow seven percent this year, according to comments reported by the government over the weekend.
More on the developments on Reuters news article.