China resolves to check government power

Government omnipotence, which has become an obstacle to efficiency after powering China's staggering growth in past decades, is expected to be addressed in reforms outlined by the country's new leadership for the next decade. The market is widely anticipating plans on the transformation of government functions to be formed at the upcoming Third Plenary Session of the 18th Communist Party of China Central Committee, which is renowned as a springboard for major national reforms. "Letting the government manage everything had the merit of efficiency at a time when China's economic aggregate and private production were both severely under-developed," said Chi Fulin, head of the China Institute for Reform and Development. But it has lost its advantage in today's market economy, he added.