China Changes Financial turmoil is intensifying in China, and it will test the Chinese leaderships unity, resolve and effectiveness. Premier Li Keqiang said March 13 that Beijing would press forward with market-oriented reforms after the conclusion of the annual National Peoples Congress and Chinese Peoples Political Consultative Congress, known together as the two sessions. The legislative stamps of approval on fiscal and financial reforms -- as well as social and environmental initiatives -- were overshadowed in the media by public security concerns. The attack on the Kunming railway station by ethnic Uighur militants took place March 2, the eve of the sessions. This was followed by the mysterious disappearance of Malaysia Airlines flight MH370 between Kuala Lumpur and Beijing on March 8, sparking speculation of foul play. Amid these events, Chinas decision to target a growth rate of 7.5 percent in 2014 -- instead of a lower rate that would have signaled a more ambitious pace of reform -- received little attention from the press. However, international financial markets have certainly taken note of other worrisome economic signs in China.
Posted on: Fri, 14 Mar 2014 01:15:35 +0000
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