China to deliver ” unprecedented” reforms at forthcoming Communist Party meeting

And leading on from my previous post a key member of China’s politburo has announced that the ruling party’s plenum next month will discuss far reaching new reforms across key sectors.

According to the official Xinhua news agency Yu Zhengsheng, the fourth-ranked member in the elite Politburo Standing Committee of the Communist Party, today said the closed-door meeting would:

…principally explore the issue of deep and comprehensive reforms.The reforms this time will be broad, with major strength, and will be unprecedented. Inevitably they will strongly push forward profound transformations in the economy society and other spheres

Coming at a time of increasing uncertainty over China’s economic growth and fears of a credit crunch that has sent stock markets sharply lower this week the meeting will mark the third time China’s elite 200-member Central Committee has gathered since a leadership transition last year.

Historically, third plenums in China have served as a springboard for key economic reforms, but political reform is not expected to be a major point of discussion.

I’m sure Mr Abe’s name will figure highly on the agenda this time too though.