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Xi calls for advancing reforms in all sectors [Copy link] 中文

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Post time 2016-1-12 11:32:13 |Display all floors
BEIJING -- President Xi Jinping called for advancing reforms in all sectors as China's leading group for overall reform convened its 20th meeting on Monday.
The meeting was also attended by Li Keqiang, Liu Yunshan and Zhang Gaoli, members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and deputy heads of the group.
Xi, head of the group, s ...

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Post time 2016-1-12 11:32:14 |Display all floors
In my opinion, it is difficult if not impossible for the central government to effectively manage local government finances as well as governance especially in a large and diverse country like China with its huge population. Besides, local initiatives are paramount in order to stoke dynamic and sustainable growths. In China's case, a referendum system on the local level could be devised and instilled as a popular 'bottom' up 'check-and-balance' lever on the governance of local governments. I think this will be more effective and efficient than authoritative (and sometimes arbitrary) 'central control'. Bond swaps and other similar schemes just postpone the problems. Local governance and accountability should be the main focus. In China's case, market forces alone cannot solve the problems and may even make things worse.

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