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"We think the strategy is too comprehensive to be implementable," said Societe Generale economist Wei Yao in a report. The plan does show that the Chinese government has recognized the severity of economic and social imbalances and "felt the urge to change," she said. "Hopefully, 2013 will be the year of action and the government's good promises will be eventually fulfilled." Higher spending on education and social programs to free up household budgets for consumer spending is a key requirement of the party's long-term plans to reduce reliance on exports and investment to drive economic growth. The government has made piecemeal changes in recent years aimed at spreading China's prosperity more broadly, including raising minimum wages for industrial workers. But economists say officials have had little impact and rising wages in some areas in recent years are due mostly to companies competing for workers as growth in the supply of labor slows. The statement also promised to broaden the country's tax base, reduce tax evasion and require officials to disclose their income and assets
-- another politically difficult goal. Schemes to hide income and assets are believed to be widespread among party officials and China's business elite and combating that will require confronting wealthy, influential individuals.
[Associated
Press;
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