China wants to "deepen overall reforms"

1. The senior leadership wants to "deepen overall reforms" including economic, government and judiciary reforms to help establish a modern governance system;

2. SOE reform is not a top priority;

3. The key focuses of economic reforms are on fiscal reform, factor price and market reforms, and social safety net and government administration reforms;

4. Corruption may be contained by reducing the role of the government in allocating resources and giving administrative approvals, and by making consolidated and transparent budgets;

5. Detailed reform plans and progresses will likely be gradual as the leadership aims for "decisive results" by 2020. As highlighted in our earlier reports, reform announcement is one thing, material progress could be another, and the latter is the important one. [More]