Sunday 10 March 2013

China Unveiled Reform Plans to Reduce Red Tape, Rebalancing Economic Growth

China has unveiled a few economic reform plans in order to reduce the red tape and rebalancing economic growth of the country.
Chinese Economic Reform Plans


Yesterday China has unveiled a few economic reform plans in order to reduce the red tape and rebalancing economic growth of the country. The new government of China, which is headed by Xi Jinping, is all set to take over, and prior to that it revamped the existing structure of the government by cutting down the cabinet-level entities, which also includes corruption-stricken Railways Ministry.

China has been facing a few economic issues, and the new government is desperately wants to boost up the economic development process in China. During the session of the legislature of the National People's Congress (NPC), the honorable State Councilor Ma Kai unveiled the new policy for rebalancing the economic growth of China.

According to the policy along with the railways, several other departments and agencies will also be reorganized for the economic growth. Under the new economic policy the total number of Chinese Ministers will also be reduced from existing 27 to 25.

The new President of China, Mr. Xi Jinping is preparing to take the baton from the former President Hu Jintao in the next week only. This will be change of leadership after a decade, and the new government has already started its work by enacting these new policies.

The changes are mainly focusing to reduce red tape and cut down the administrative intervention in the economic market and various social issues. The new government has made these new rules just to accelerate the growth rate of the Chinese Economy.

The most talked about (criticized too) Railways Ministry of China will now have separate commercial and administrative arms, which would expected to help to run the ministry flawlessly. As a matter of fact the main job of the Ministry of Railways is to provide better train services, while serving as a watchdog for the entire country.

Over the past few years the Railways Ministry of China has faced quite a few number of problems and accusations of corruption. It has gone into high debt for funding new high-speed lines. As per some reports, many fraud cases have been enlisted, and loads of money has been wasted for nothing.

The new Chinese government has taken a pledge to open the railway industry to the private sectors. The investment of the private parties will boost up the overall growth and help the process of rebalancing the economic growth of the Republic of China.

According to the new plan, the Ministry of Transport will supervise the administration of the railways while the proposed China Railway Corporation will take control its commercial functions, Ma Kai added.

That’s not all for sure, as there is one more thing in the cart too. The new government of Xi Jinping has decided to merge the two media regulator of China i.e. State Administration of Radio, Film and Television and the General Administration of Press and Publication into one to look after the various sectors of the country like radio, film, television, publication and press.

Chinese economy is one of the most talked-about economies of the world for sure. We have to keep an eye on the rebalancing process for the economic growth of China. We are hoping that new government will be succeeded to provide the economic development by ensuring all sorts of growth factors and reducing the corruption allegations.

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