Hu sets China income target for Xi
- Published: 8 Nov 2012 at 14.13
- Online news: Asia
President Hu Jintao said China must double per-capita income by 2020, setting a target for the incoming generation of leaders to be unveiled at the close of a Communist Party Congress that started Thursday.
China should double its gross domestic product by the same year, Hu said in a speech at the opening of the party's 18th congress. Hu, forecast to hand over the title of party general secretary to Vice President Xi Jinping, also called for "deepened reform of the financial system" and more local-level democracy.
The make-up of the new Politburo Standing Committee, the top ruling body whose members will be announced after the congress ends Nov 14, may give clues to China's appetite for policy shifts that the World Bank says the country must embrace to become a high-income economy. The reform agenda ranges from breaking up state-owned monopolies to deregulating lending rates and correcting under-pricing of natural resources.
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