The bland statement following China’s hotly anticipated Third Plenum meeting of the Communist Party’s 18th Central Committee has left many analysts feeling flat, but some have warned against dismissing the vague statement.
Hopes were high for this year’s plenum, especially after President Xi Jinping excited investors by talking up a “Master Plan” for reform, and as, historically, third plenums have marked major turning points in economic policy.
Following a third plenum meeting in 1978, for example, President Deng Xiaoping unveiled landmark reforms that triggered three decades of rapid economic expansion, but the importance of his plans were not widely appreciated at the time.
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