China leaders discuss economic reforms at key policy meeting

  China's Communist Party leaders began a key policy meeting on Saturday, state media reported, to discuss deepening economic reforms and direct the course of other agenda items for the coming years.

   The four-day meeting, officially known as the Third Plenary Session of the 18th Communist Party of China Central Committee, is aimed at discussing "major issues concerning comprehensively deepening reforms," Xinhua news agency said in a brief report.

   Liberalizing the financial sector and reforming the nation's bloated state-run enterprises are expected to be key topics of the closed-door forum.

   Also on the agenda are likely to be rural reforms and the handing over of more roles to local governments as well as changing the household registration system called "hukou," analysts have said.

   The meeting, attended by 205 members of the Central Committee, is expected to offer the course of reforms under Chinese President Xi Jinping, who took office in March.

   Security was especially tight at an army-run hotel in Beijing, where the meeting is taking place.

   Xi and Li have pledged to stabilize economic growth while pressing ahead with reforms, despite the bearish growth outlook for the world's second-largest economy.

   China's economy expanded 7.7 percent last year, marking its worst performance in 13 years. In the third quarter of this year, the Chinese economic growth rebounded to 7.8 percent from 7.5 percent in the second quarter.

   The central committee wields the highest authority within the party, and the third plenary sessions have brought about key changes in China. For instance, China formally launched a project for economic reform during the third session in 1978.

   "China is faced with a long battle of pushing forward reforms," state-run Global Times newspaper said in an editorial published on Saturday, commenting on the ongoing plenum.

   "As many interest groups are able to manipulate public opinion in their favor, reformers must stick to the long-term interests of all of society and the nation, instead of satisfying those in power," it said.

   "The public is anticipating the policymaking capability of the central leadership, and the political maturity of the society will be put to the test," it said. (Yonhap News)