China un­veils plans to boost econ­omy

The Pak Banker - - 6BUSINESS -

BEI­JING: China has re­vamped its bloated government struc­ture by re­duc­ing the cab­i­net-level en­ti­ties, in­clud­ing the cor­rup­tion-rid­den Rail­ways Min­istry, to cut down red tape and boost econ­omy as a new government headed by Xi Jin­ping is set to take over. Sev­eral other de­part­ments and agen­cies will also be re­or­gan­ised, ac­cord­ing to the the new pol­icy un­veiled by State Coun­cilor Ma Kai dur­ing the ses­sion of its leg­is­la­ture, the Na­tional Peo­ple’s Congress (NPC). Un­der the new plan, the num­ber of Min­istries will be re­duced from 27 to 25. The changes, which aim to cut down on red tape and re­duce ad­min­is­tra­tive in­ter­ven­tion in the mar­ket and so­cial is­sues, were made coin­cid­ing with once-in-a-decade lead­er­ship change in the coun­try as a new government headed by Xi, 59, pre­pares to take charge from Pres­i­dent Hu Jin­tao next week. The Min­istry of Rail­ways, hav­ing faced flak for un­der­tak­ing the twin jobs of pro­vid­ing train ser­vices and serv­ing as a watch­dog, will now have sep­a­rate ad­min­is­tra­tive and com­mer­cial arms.

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