The Communist Party of China (CPC) is underway to announce new economic policies scheduled in the fourth plenary session of the 18^th Central Committee, Chinese foreign ministry adviser Ma Zhengang told Australian Financial Review.

According to Ma, the CPC is determined to enact major financial reforms and market regulations bridging the central and local governments.  These reforms apparently were stalled during the Third Plenum when some members of the Party reportedly campaigned for vested interests.

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Since last year, Beijing is able to implement two significant yet minor reforms such the end of local government bonds and increased trading options using renminbi.  There have also been proposals to limit foreign businesses and increase the number state-owned enterprises to further government's revenue.

Nicholas Lardy from the Peterson Institute for International Economics said that many of those who are lobbying against China's progressive change is hopeful are looking to advance their political advantage. 

In addition to that, the central government allowed the Shanghai Chaori Solar Energy Science & Technology to falter in its monthly interest payment, the first time since it started business in China.

All the pending economic and social reforms, regardless of its potential, is directly opposite of Xi's "Chinese Dream". 

According to Forbes, Xi envisions China of being a strong nation; however, implementing the aforementioned reforms would strengthen the economy but may weaken the state power.  Xi, being a believer of Maoism and Confucianism, makes it difficult for China to achieve progress.

The most recent International Monetary Fund forecast showed China currently on economic plateau with decreasing numbers of GDP growth. 

As the National Bureau of Statistics and the General Administration of Customs releases the September results next month, Premier Li Keqiang said he is expecting similar poor numbers.  He added though that anything "slightly lower" than the 7.5 percent target would still be acceptable. 

Tagseconomic reforms in china, china's economic system, China's economic restructuring, economic growth in china