China starts leadership change, big policy overhaul unlikely

08 November 2012 04:34  [Source: ICIS news]

SINGAPORE (ICIS)--The Chinese government on Thursday kicked-off its week-long party meeting to start its once-in-a-decade leadership transition in which the existing president and premier will hand their power to successors.

According to the norms of the Chinese political system, Xi Jinping and Li Keqiang are expected to replace President Hu Jintao and Premier Wen Jiabao respectively to be the top governors in the next 10 years.

Analysts said that while the new leadership is expected to carry out some reforms on issues such as economic restructuring, income rebalancing and political system, big overhauls are unlikely.

“As always, China does not reform anything overnight. But, we do expect some reshuffles as many of the existing systems are unable to adapt to the rapidly changing environment, especially the growth model,” said a policy watcher who declined to be named. 

By: Fanny Zhang
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