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| China congress: Hu Jintao says reforms to deepen | China congress: Hu Jintao says reforms to deepen |
| (about 1 hour later) | |
| China's President Hu Jintao has said the country will deepen its economic reforms and boost domestic demand to spur a new wave of growth. | China's President Hu Jintao has said the country will deepen its economic reforms and boost domestic demand to spur a new wave of growth. |
| Opening the Communist Party congress, Mr Hu added that China needed to work towards a more "market-based" exchange rate for the yuan. | Opening the Communist Party congress, Mr Hu added that China needed to work towards a more "market-based" exchange rate for the yuan. |
| China has been trying to boost domestic consumption to offset a decline in exports. | China has been trying to boost domestic consumption to offset a decline in exports. |
| The congress comes as China's economic growth rate has hit a three-year low. | The congress comes as China's economic growth rate has hit a three-year low. |
| "We should step up efforts to transform to a new growth model and work hard to improve the quality and efficiency of the economy," Mr Hu said. | "We should step up efforts to transform to a new growth model and work hard to improve the quality and efficiency of the economy," Mr Hu said. |
| "We will continue to deepen our economic system reform and stick to the policy of expanding domestic demand." | "We will continue to deepen our economic system reform and stick to the policy of expanding domestic demand." |
| Financial reforms | |
| China has been introducing reforms in its tightly controlled financial sector, which many analysts say is the key to unlocking future growth. | |
| In June this year China's central bank gave the country's lenders flexibility to decide the interest rates they want to offer to consumers, within a stipulated range. | |
| Beijing also widened the range in which the yuan is allowed to trade against the US dollar to 1.0% on either side of a daily rate set by the central bank. The previous limit was 0.5%. | |
| Meanwhile, China's securities regulator has eased entry rules for foreign investors under its Qualified Foreign Institutional Investor (QFII) programme. | |
| It allowed the QFII's to hold more shares in the firms listed in China and also to invest in the country's interbank bond market. | |
| On Wednesday, China's state news agency Xinhua reported that the regulator was considering speeding up QFII approvals to attract more long-term overseas investment. | |
| It said the regulator had granted 57 new QFII licences this year. | |
| Analysts said that it was not clear at this stage what further reforms Beijing may introduce in the sector. | |
| "Lots has been talked about financial reforms in China over the past decade," Tony Nash, managing director of IHS Global Insight told the BBC. | |
| "But one has to wait until the new leaders take charge and start to formulate their policies and communicate them to domestic and international market." |