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| 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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