China's Third Plenum: wait and hope

The document purports to be a roadmap forged by the new leadership, setting out China’s economic reforms for the next 5-10 years, but it may keep market observers waiting.

If there were people still expecting substantial reforms from the Third Plenary session of the Chinese Communist Party, they might be a little disappointed by the communiqué released after the four-day closed-door meeting.

The document purports to be a roadmap forged by the new leadership, setting out China’s economic reforms for the next 5-10 years.

However, somewhat typically the roadmap appears to be full of roads without a destination.  

“I feel it is too rough to be a framework document,” said Hu Yifan, chief economist, head of research and managing director with Haitong International.

Usually, the communiqué is a short...

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