WEB DESK
China’s biggest political event, the Communist Party Congress, began in Beijing this morning. At the opening of the Congress President Xi Jinping said China will deepen economic and financial reforms and further open its markets to foreign investors. He said china will look to move from high-speed to high-quality growth.
Xi further said Beijing will push ahead with market-oriented reforms of its foreign exchange rate as well as its financial system, and let the market play a decisive role in the allocation of resources.
While pledging to further open China’s services sector to foreign investors Xi said the government will clean up rules and practices that hinder a unified market and fair competition. He also expressed support for development of private firms and stimulating vitality of all types of market entities. However, while expressing support for market reform and private firms, Xi also called for stronger, bigger state firms.
Communist Party Congress in China takes place once every five years and determines who rules the country and its direction for the next five years. President Xi , who became China’s leader in 2012, is widely expected to remain as the Chief of the ruling Party.
The Congress will close next Tuesday. Shortly after the Congress ends, the party is expected to unveil the new members of the country’s top decision-making body, the Politburo Standing Committee, which will steer the country.