CCTV Script 11/11/2013
— This is the script of CNBC's news report for China's CCTV on November 11, Monday.
Welcome to the CNBC Business Daily.
China's Third Plenary meeting is underway in Beijing.
The four day meeting started on Saturday, with some 400 party, government and military officials sitting down to determine the country's economic policy for the next ten years.
Last month, The Development Research Centre laid out 8 key areas for reforms expected to be death with at the summit, including taxation, finance policies and land-ownership rules.
So what can we expect from the meeting and what sort of structural reforms do we need to see in China to sustain growth? Here's what some analysts told CNBC.
[Soundbyte on tape by Ben Simpfendorfer, Managing Director, Silk Road Associates] It's certainly worth thinking about, but we're not going to be looking for details here. What we're looking for is green lights on reform. The Central Govt coming out and saying: "We're committed to these specific sectors. Go ahead state ministries, go ahead best performing local governments and really drive the reform in these specific sectors." But we won't see the results for years.
[Soundbyte on tape by, Tony Nash Vice President, IHS] The fact is, you have a creaking financial system, you have a creaking state-owned entity system, you effectively have a serf-class of people coming in from the countryside who have almost no rights. Those are areas that have to change. And they will. They will change. The degree of change is in question, but the change itself, I don't think is.
[Soundbyte on tape by Evan Feigenbaum, Vice Chairman, Paulson Institute] The central issue really, is what the role of the state is going to be in China, because the state has not just an outsized role, but does a lot of things that could be done more efficiently and effectively by somebody else. Reform is not an intellectual problem in China, it's a political problem and building a coalition and then sustaining a coalition is not the work of just one meeting, it's going to take some time.
Li Sixuan from CNBC's Singapore headquarters.