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China's Communist leadership meets for future changes in economy

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November 11
5:29 AM 2013

As the final quarter of 2013 comes around, China's economy has undergone an acceleration in manufacturing and exports creating momentum for the Beijing leadership to be confident on possible policy shifts to be implemented for the next decade.

Industrial output surpassed projections from last year, garnering 10.3% from October 2012 figures. Manufacturing investments grew according to National Bureau of Statistics figures released from Nov. 9. Customs data also show the rebound of overseas sales figures that passed forecasted figures.

Top Communist leaders lead by Chinese President Xi Jinping would be concluding a four day summit to draft an economic blueprint  to sustain growth and drive the development of hundreds and millions of rural residents. Chinese media outlets have reported on the prospects of private investments prospects in government businesses and for the expansion of the property tax to all property throughout the country. The People's Daily had said the party needed to demonstrate the 'ability to govern'.

Standard Chartered Bank had increased its estimate for the economic growth of the country from 7.5% to 7.6% and revised the 2015 forecast from 7.2% to 7.4%. the projections are within the median estimates in surveys conducted by Bloomberg News last October.

According to Standard Chartered Plc Head of Greater China Research in Hong Kong said, "The recent data all suggest a gently recovering economy-- good enough to allow the leadership to stop worrying about the next few months and focus on medium-term reform.  The question is now whether they have a convincing-enough plan to deal with those medium term challenges."

An estimated 370 members of the Communist Party, namely government ministers, military officers and heads of state-owned companies are meeting in Beijing for a meeting called the third plenum, to determine the future scale and pace of the changes to be undertaken on the world's second largest economy. 

In a front page editorial coming from the People's Daily, "How to make breakthroughs and overcome hardships and how to respond to people's callings in a better way to relate to the appeal of reform and are testing our party's ability to govern."

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