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Focus of Sixth Plenum on Party discipline

China Daily | Updated: 2016-10-28 08:02

Road ahead full of challenges

The leadership headed by Party chief Xi Jinping has a lot of challenges ahead, says a report of Associated Press. Excerpts:

The Sixth Plenum was held amid reports that Xi Jinping had become the most powerful leader since Deng Xiaoping in China. Yet Xi's domestic challenges are legion, ranging from slowing economic growth to massive layoffs in an effort to reduce industrial overcapacity. The State sector still plays an outsize role in the economy, debt is soaring and the potentially volatile wealth gap continues to widen.

The past year has seen a number of retired and serving Party big-wigs fall, including former top general Guo Boxiong. That followed the downfall earlier ... of powerful officials, including former Political Bureau Standing Committee member Zhou Yongkang. And more than 1 million of the Party's 88 million members have been meted out punishments since 2013, according to the Party corruption watchdog, the Central Commission for Discipline Inspection.

New consensus on reform needed

Top leader Xi Jinping has to carry forward the reform, and the world will have to respond accordingly, said wsj.com. Excerpts:

As China's capacity for growth declines, monetary and fiscal stimulus have created asset bubbles. Real-estate prices in major cities have soared in the past year, and new mortgage lending has climbed by 111 percent. The frenzied buying of housing units is increasing social tension by making it harder for middle-class families to afford a home. As with the stock market in 2015, investors will blame the inevitable correction on the government.

Xi inherited many problems, including rising debts and slowing economic growth. The best path forward (for him) would be to build a new consensus for reform.

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