Plenum readout heavy on ambition, light on detail

The Fifth Plenum, held in Beijing to discuss the government’s 14^th Five-Year Plan and long-run goals, concluded yesterday. In its post-meeting communique, the leadership laid out ambitious plans to reverse rising inequality, boost domestic consumption, strengthen technological innovation and push up income levels so that China joins the ranks of developed countries. The policy specifics of how they intend to realise this vision have yet to made public. But the reform signals provided so far remain mixed in our view, with some positive signs but also plenty of reasons for caution.