Asia Stocks Fall After China Plenum Gives Few Answers

Asian stock markets sank Wednesday after a highly anticipated meeting of Chinese leaders did not announce bold reforms to overhaul a growth model that is running out of steam.

Communist Party leaders in Beijing pledged to promote market forces in the country’s state-dominated economy after the four-day meeting wrapped up late Tuesday. But in a disappointment for reform advocates, they failed to announce dramatic changes such as curbing the dominance of state industry, extending property rights to farmers or relaxing the one child birth control policy.

The ruling party said market forces will play a “decisive role” in China’s economy, an upgrade from “core role” assigned to the market in party policy over the past two decades, and flagged 2020 as a timeframe for changes.

via Mainichi

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