#China still enjoys huge space for #reform to unleash the potential of economic growth. It may as well explore new growth drivers by establishing pilot reform zones:
new.cf40.org.cn/uploads/202007…
Faced with mounting uncertainties and diverged understandings of future economic growth, pressing ahead with reforms by building pilot reform zones remains an effective way that could avoid aggravating conflicts and incurring high costs of failures.
An important step in China’s reform&opening-up is the building of Hainan pilot free trade zone with unique positioning & experimenting purposes. China could launch similar plans in different cities with different positionings, each targeting a specific field of reform.
E.g. Cities with sky-high house prices can implement pilot reforms of land policies, especially residential land policies, as well as public transportation to increase the supply of new houses and raise the use value of existing ones.
Pilot reforms in cities with big population inflows can focus on providing dwellings for migrant people, especially low-income groups such as rural migrant workers, and supporting them with preferential housing, public service and unemployment insurance policies.
Pilot reforms targeting industries with huge growth potentials such as education, public health, sports & entertainment could be carried out in cities with proper conditions. These industries will offer the greatest forces driving the upgrading of household consumption.
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