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Supply Side Economics with Chinese Characteristics

The Third Plenum of the 18th Congress of the Central Committee of the Communist Party of China (CPC) held in November 2013 was the first key party conclave held under the leadership of Xi Jinping. It adopted a very ambitious economic reform agenda in the form of a 60-point ‘Decision on Several Major Questions About Deepening Reform’.The core principle underlying these reforms was encapsulated in the phrase ‘decisive role of market forces in allocating resources.’ The earlier phase of reform had acknowledged the ‘basic role’ of the market, and hence the change in terminology was significant. 

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