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Reforms key to China’s economic structure

Entering the 13th Five-Year Plan period, China clearly needs a lift in its economic structure by embarking on more reforms. So what do the delegates think of these reforms and China’s path forward?

“The reform should not only address the current issues, but also long-term development as well,”

“We should set our reform measures to tackle existing problems to enhance government’s ability to run the country,” said Jia Kang, a CPPCC member and economist.

“We have seen various experiments in developing commercial banks, forming a multi-layered capital market, and setting up comprehensive financial groups. These experiments are also reform efforts,” said Ma Weihua, CPPCC member and former president of China Merchants Bank.

“We face a number of complex issues to achieve the capacity reduction target. Some of the companies are privately owned, others are state-owned,”

“The banks issuing loans have various shareholders as well, and some of them are even listed. These circumstances ask for in-depth research and measures,” said Yang Kaisheng, CPPCC member and former president of ICBC.

“The key and most difficult task is to reduce excessive capacity. If we cannot reduce the glut, then we cannot destock inventory either,” said Mei Xingbao, CPPCC member and former president of China Orient Asset Management.

“I submitted two proposals on cutting corporate fees and taxes, and I am glad to see that government policies are doing roughly the same,”

“The government realized the importance of lifting the burden on enterprises and raise their retained earnings for further development,” said Li Dongsheng, NPC deputy and TCL Group chairman.

“The current corporate law says that for business startups, those who invest the most money would become the boss. This article does not respect human capital and talent.

“I suggest we should revise the law so that entrepreneurs would have a bigger say in their companies,” said Lei Jun, NPC deputy and founder and CEO of Xiaomi Corp.