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SEB's China Tracker: Third Plenary Session – the Beijing Haze

SEB's China Tracker: Third Plenary Session – the Beijing Haze

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Published by SEB Group
The Third Plenary Session announced an outline for reforms in the next decade. Reading the statement was a bit like staring out into Beijing’s skyline – hazy, vague and with some blurry outlines, says SEB's head of Asia Strategy, Sean Yokota.
The Third Plenary Session announced an outline for reforms in the next decade. Reading the statement was a bit like staring out into Beijing’s skyline – hazy, vague and with some blurry outlines, says SEB's head of Asia Strategy, Sean Yokota.

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Categories:Business/Law
Published by: SEB Group on Nov 14, 2013
Copyright:Attribution Non-commercial

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05/15/2014

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GovernmentImpliedGovernment Finance/Tax Reform
Continue piloting "Business tax to VAT"
 from transportation and several modern service industry to telecommunications, railway and construction national-wideEnlarge "property tax" experimenting zoneIncrease the weight of government spending
 on health, social security, environment protection and green energy resource Decrease the weight of spending
 on government overseas trip, official cars purchase, operations and hospitalityReduce headcounts in local government by 1/5Decouple performance evaluation for officials with GDPRelax the approvals of NGOs and transitions to registry systemsRetrieves back rights to by central government form local government
 
 in areas such as law enforcement, social security, education, environment, food safety
Government and SOE
Redefine the line between government and SOEs
 
Modify the current administrative structure for State-owned assets (equity ownership)Ease market entering restrictions
New anti-corruption mechanism
Local courts will be independent from local government, politics and law committee
 
Local courts will be directed, funded and named by the Supreme court in Beijing
 
Separate supervision bureaus from the administration (like the FBI in US)Strengthen the role of NPC
Increase focus in military
Reform in military system
 
Integration between military and civilian through military industry
 
EconomyReform in Economy
Lower local government debt Adjust the tax system and match governments' autonomy to their fiscal revenue
 
 possibly from central, province, city, county, township to central, province and cityStart heritage tax and property tax at a proper time to finance local government
Financial reform
Continue internationalization of RMB
 
 relaxation of capital account controls and restrictions to invest in foreign assetMarketize deposit rate and further standardize bank off-balance sheet transactions
 
Develop Internet finance
FarmersUrbanization and Land Reform
Break the current "land finance" strategy
 
Free circulation of rural land in a unified market for both urban and rural area
 
Propose new rural land ownership policy and open up career choices for farmers
 
Income distribution and Household registry reform (hukou)
Free mobilization of population
People's LivelihoodEnvironment
Clean energy, reduce amount of small particles
Aging Population
Higher retirement ageReform in Healthcare system
 
Open up second child policy to families with one of their parents being a single child

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