InfoAnda - China plans sweeping economic change

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Fears for villagers as Indonesian volcano erupts again | 3 September 2010
Australia's boom lures new wave of European immigrants | | 14 June 2011
Three Dead In Colorado In Suspected Murder-Suicide | 27 May 2009

Lloyd Webber unveils "Phantom of the Opera" sequel | 9 October 2009

Forum Views () Forum Replies ()

Read more with google mobile : China plans sweeping economic change

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World China plans sweeping economic change By JOE McDONALD,AP Business Writer - Sunday, February 27 Send IM Story Print BEIJING – China's leadership is promising to steer the economy in a new direction in its blueprint for the next five years that would empower consumers and narrow a yawning wealth gap but require politically contentious reforms. The latest Five-Year Plan _ a throwback to central planning but a useful roadmap of party goals _ calls for creating self-sustaining growth based on domestic consumption and reducing China's reliance on exports and investment. That will require a cut in subsidies to state industries and curbs on local development plans that could provoke a backlash among some in the ruling Communist Party. The leadership has said for years that China needs to alter a system Premier Wen Jiabao has declared "unbalanced, uncoordinated and unsustainable." But they avoided major reforms until the global crisis wiped out millions of export-dependent factory jobs and drove home the danger of overreliance on trade. The plan was approved by party leaders in October and details are due to be announced at the annual meeting of China's largely powerless legislature that opens Saturday. "The roadmap is clear, but the extent to which the political will and power is sufficient remains to be seen," said Alistair Thornton, China analyst for IHS Global Insight. If carried out, the plan could drive a far-reaching transformation of the world's second-largest economy from low-cost factory into a major consumer market. It would shift money from companies to households, which could narrow the gulf between a rich elite and fledgling middle class who have profited from economic reform and China's poor majority. More consumer demand could help to boost imports, narrowing China's trade surplus with the United States and other major economies. The wide-ranging plan also extends to areas from foreign policy to family planning to rural irrigation. It promises more rural health care spending and to help out-of-work farmers find jobs in cities _ a step that also could pay off by helping to promote growth of service industries and consumption. It promises to allow development, though under government control, of civic groups that support causes from environmental protection to feeding the poor. It envisages no change in rules that limit most urban families to one child and most in the countryside to two. Achieving its economic goals will require Beijing to cut subsidies to state industry and clamp down on growth based on ever more spending on steel mills and other factories. In a sign of the leadership's resolve, Premier Wen announced Sunday that the government was reducing its annual growth target to 7 percent, from the 8 percent goal for each of the past six years. While the economy is certain to grow faster than that, the target has been embedded in planning for so long that a change would send a strong signal to local officials to shift away from breakneck growth and focus on longer-term policies to nurture consumption. But even with a lower national target, local leaders are unlikely to cooperate by scaling back their own ambitions, said Kenneth Jarrett, chairman for Greater China of consulting firm APCO Worldwide. "No one will really have 7 percent as their target. Everyone's going to be higher than that," Jarrett said. But "the message is that they want growth to slow down." The plan comes as President Hu Jintao and other party leaders prepare for next year's hand-over of power to a younger generation. They are trying to ensure a smooth transition while leaders maneuver furiously in private to secure top posts for younger allies. The compromises required by such a system raise the risk of "hindering genuine attempts at necessary but painful reforms," Thornton said. China has plenty of room to consume more. It relies so heavily on trade and investment that household spending accounts for just 35 percent of its economy, compared with 71 percent in the United States and 57 percent in India, according to the World Bank. But to support small companies and service industries, Beijing needs to let the market set interest rates for bank loans and prices of energy and other resources, winding down a state-run system that subsidizes state companies. Regulators started moving fuel prices in line with global crude costs in 2008, but more changes might alienate party factions that depend on state industry as their political base. Last week, an official of the Cabinet body that oversees major state-owned companies such as oil giant PetroChina Ltd. and Bank of China Ltd. said they will have to hand over more of their profit to the government. They currently pay only 10 to 15 percent of profits to the treasury, and an increase could help pay for social spending, as well as easing public anger at the wealth of elite state companies. Beijing can shift money to households by allowing pay hikes and stronger unions. But that is another potential battlefield: Local leaders count on China's state-authorized labor group to keep investment flowing in by holding down wages. Already, some provinces and major cities have set the stage for a clash by approving plans for double-digit growth this year based on attracting still more investment. In social programs, the party plans to expand access to health care, a measure that would allow Chinese families to divert more money to consumer spending, helping to push ahead the consumption drive. Such reforms began in 2009, when the government said it would pump $124 billion into the system over three years. Individuals now shoulder nearly 40 percent of all health spending, down from two-thirds in 2001. Beijing wants to cut that to below 30 percent by the end of 2015. Health Minister Chen Zhu said in January the government wants to achieve the developing world's best health standards. Goals include raising life expectancy to 74.5 years from the current 73 years and lowering death rates of babies and children under 5. In the countryside, home to some 800 million people, the plan promises more spending to modernize agriculture and increase grain output _ a key concern for Beijing, which sees food security as a priority. China has had seven years of bumper harvests but production is threatened by pollution and the conversion of farmland for industrial use. ___ Associated Press writers Christopher Bodeen, Cara Anna, Gillian Wong, Alexa Olesen and Elaine Kurtenbach contributed to this report. Recommend Send IM Story Print Related Articles NZ Exchange Ltd full year profit NZ$9.3 mln Reuters - 30 minutes ago US-BUSINESS Summary Reuters - 1 hour 9 minutes ago Oil spike may split Fed and ECB Reuters - 1 hour 10 minutes ago Egypt gas to Israel to resume by March 4 -Ampal Reuters - 1 hour 32 minutes ago New Zealand/Australia Morning Call-Global markets Reuters - 1 hour 44 minutes ago News Search Top Stories The whimsy and menace of Moamer Kadhafi World tells Kadhafi to quit Russia could 'lose $4 bn' in Libya arms deals India bat against England in W. Cup clash China targets 7% growth, to rein in inflation: Wen More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed 'Runaway millionaire' arrested in NZ: police US billionaire Buffett ready for more takeovers Oral sex linked to cancer risk Full house at space station as Discovery docks Russia could 'lose $4 bn' in Libya arms deals More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Monday, 28 February 2011
Saudi king orders more state jobs and faces reforms calls
Russia could 'lose $4 bn' in Libya arms deals
French foreign minister to resign on Sunday: minister
Afghan probe accuses NATO of killing 65 civilians
World tells Kadhafi to quit
Lebanese protest against sectarian political system
Sudan clamps down on election protest |
Afghan gov't: NATO op killed 65 civilians
Egypt's Moussa indicates will run for president |
Iraq PM sets government 100 day deadline after protests |
Taliban say they have Canadian missing in Afghanistan |
Hollywood ready for Oscars coronation
India to unveil budget as inflation and state elections weigh
Blast kills Gaza militant, two wounded: medics |
US-ENTERTAINMENT Summary
Hollywood shines up for the Oscars
"Gnomeo & Juliet" climbs to top of box office
NZ quake city prays for miracles amid rubble, toll 146
China plans sweeping economic change
China lowers its economic growth target a tad
More South Koreans flee Libya on chartered plane
US-ENTERTAINMENT Summary
Indonesian celebrity apologizes for illegal drugs use
Sen. Schumer calls for increased public WiFi security |
Hollywood shines up for the Oscars
Top Chinese negotiator visits Taiwan
"Gnomeo & Juliet" climbs to top of box office
Great wall of Viet Nam
Dolce&Gabbana bring sensual curves to Milan
Filipino workers could lose $336M a year if Taiwan implements working visa freeze
Freight train derails in Washington state
Sick traveler raises fear of US measles spread
Diabetic couple survives four days stuck in car under snow
Nationwide sweep aimed at Mexican drug cartel activities in US
UN Security Council slaps sanctions on Libya, refers Qadhafi to ICC
Ban calls leaders of Saudi Arabia, Italy on Libya
Hollywood shines up for the Oscars |
New Market Poultry Recalls Whole Chicken Products That May Be Tainted
First Ever Hide 'n Seek Benefit For Chicago Children's Museum On Saturday, Feb. 26
Gnomeo & Juliet climbs to top of box office |
Elizabeth Taylor spends 79th birthday in hospital |
'I wanted to die', says quake penknife amputee
Libya arms embargo halts boom for defence contractors
US-TECH Summary
Gaddafi unflinching as rebel city fears counter-attack |
India's economy grew 8.2% in last 2010 quarter
Scandal-hit French foreign minister resigns
Quake hits southern Chile, a year after huge one |
Japan factory output up, oil rise spells risk
Motorola sues TiVo over DVR technology
Oscars Live Report
Six killed in Oman protests on Sunday: government hospital |
Sen. Schumer calls for increased public WiFi security
NZ buildings' quake safety questioned as burials start |
Luxury dazzles, China beckons at the Geneva motor show
Libya exodus 'emergency' as Asian workers land in Malta
Thailand says still investigating who killed
US-TECH Summary
Iran cautions against oil output hike
US, S. Korea launch war games amid N. Korea threat
The whimsy and menace of Moamer Kadhafi
Mired in scandal, Berlusconi faces tax fraud trial |
Bahraini Shi'ite leader hints he could accept king |
New Zealand buildings' quake safety questioned
Motorola sues TiVo over DVR technology
'The Cove' DVD given to Japan dolphin-killing town
SKorea, US begin annual drills amid NKorea threat
Infant boy the first NZ quake victim laid to rest
Oscars fashion: Bonham Carter in normal dress shock
Factbox: Complete list of Oscar winners
China uses whistles, water, police on protests
Young Oscar hosts highlight Hollywood generation gap
Motorola sues TiVo over DVR technology |
High tech, medieval weaponry combine in trebuchet competition |
'King's Speech,' 'Social Network' vie for Oscars gold
US-ENTERTAINMENT Summary
Hollywood's women wear red and sparkle to Oscars
Hollywood's A-list lights up Oscar red carpet
'Gnomeo & Juliet' speeds to box office glory
BRIEF-Moody's confirms Hana Bank and Korea Exchange Bank
Oscars fashion: Bonham Carter in normal dress shock
Seoul shares fall 1.2 pct on LG Elec, airlines
"True Grit," Golden Globes lead Oscar losers
NZ to increase debt after quake
Azerbaijan fears neighbour Iran's radical influence
Pakistan
Financial meltdown documentary wins Oscar
Two NZ earthquakes to cost NZ$20 bllion
Natalie Portman leaps to Oscar for "Black Swan"
NZ business confidence recovers before earthquake
Oscars Live Report
Seoul shares fall 1.2 pct on LG Elec, airlines
"Toy Story 3" wins Oscar for animated feature
Seoul shares open down as autos, shipyards weigh
"The King's Speech" wins best film Oscar
S.Korean large firms' confidence rises
China used less energy per unit of GDP in 2010
China campaigners plan new rallies after clampdown
High tech, medieval weaponry combine in trebuchet competition
King's Speech crowned big winner at Oscars |
Colin Firth adds first Oscar to awards haul |
World's biggest IT fair shoots for the clouds
King's Speech wins best picture Oscar |
Natalie Portman leaps to Oscar for Black Swan |
'DJ Kadhafi' takes Internet by storm
Tom Hooper wins director Oscar for King's Speech |
Christian Bale wins Oscar for The Fighter |
Melissa Leo wins first Oscar for The Fighter |
World-shaping minds inspired at TED gathering
True Grit, Golden Globes lead Oscar losers |
Toy Story 3 wins Oscar for animated feature |
Financial meltdown documentary wins Oscar |
Clashes kill 10 in Sudan's Abyei flashpoint
NATO: 3 service members killed in Afghanistan
Japan's Asahi to focus on e-readers
Explosion kills 8 Afghans in south
Special Report: U.S. cables detail Saudi royal welfare program |
Brazil's TAM orders 32 A320 planes: Airbus
Smartphone app revives flagging S. Korean custom
US repositions troops in eastern Afghanistan
India increases social spending in pro-poor budget
Ireland parties talk coalition, seek bailout changes |
Libya live report
Blast kills Gaza militant, two wounded
Hope as rare rhino calves filmed in Indonesia
Iraq PM sets 100 day deadline for gov after protests
Egypt bans Mubarak, family from travel: prosecution |
Egypt stock market to reopen on Tuesday
Saudi activists eye protests, wait for new cabinet |
Higher education, lower blood pressure: study
India budget targets farms and social spending
Iranian opposition leaders moved from house arrest
Bahraini protesters move to parliament building |
Hyundai, Kia form partnership with Vodafone for automobile IT
Thousands of Yemenis protest, unrest high in south |
HSBC 2010 net profit more than doubles to $13.16 bln
Gaddafi's nurse back in Ukraine, dodges press |
Poverty forces Indonesian parents to keep autistic child on a leash
China campaigners plan new rallies after clampdown
Indian budget ups social spending by 17%
Indonesia's rights groups condemn local bans on Ahmadiyah
Malaysia's Maxis posts fourth quarters profits
Sen. Schumer calls for increased public WiFi security |
JPMorgan says tablets to grow into $35 billion market by 2012 |
JPMorgan fund in talks to buy Twitter stake: report |
AirAsia X buys three more A330s, IPO on track
Pakistani stocks end slighly higher; rupee weakens
Oscar king Colin Firth says time to turn to comedy
German celebrity opossum misses one Oscar pick
Malaysia charges second ex-minister over scandal
Pakistan's 6-month budget deficit at 2.9 pct of GDP
Game fans snap up Nintendo's 3DS at Japan launch |
'Youth-friendly' Oscars show gets thumbs down
S.Korea fin min denies pursuing cheap won policy
Chinese barbers hope for brisk business on 'haircut' day
Athens top city for online flirting-dating website |
Haiti's carnival king drums up presidential support
China's middle class stampede for luxury handbags
Thai opposition party files censure motion against PM, ministers
Businesses face uncertain future after NZ quake
Colin Firth adds first Oscar to awards haul
5,000 Thais heading to Italy from Libya Monday
Discount service Groupon launches China site
Oscar king Colin Firth says time to turn to comedy |
German celebrity opossum misses one Oscar pick |
German tech sector bullish before giant IT fair
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01