The Wall Street Journal reports on Chinese plans to shift towards an economy driven by consumers and entrepreneurs, away from state spending and heavy industry
The annual budget and policy program, unveiled by the government Thursday, acknowledged China's entrance to an era of slower growth and outlined the need for new sources of job creation by nurturing innovative small businesses.
"The government should be bold in imposing reform on itself so as to leave ample space for the market," Premier Li Keqiang said in a nationally televised state-of-the-nation address.
But ...
Even so, the government signaled its preference for the strong hand of the state over the marketplace. Across the board, the 8.1 trillion yuan (about $1.3 trillion) budget-a deficit-funded, more-than-9% boost from last year-promised outsize outlays for defense, infrastructure projects and other state favorites.
More at the article, which may be gated: China on Long, Slow Road to Reform
