Hu Jintao: We will double income in the country
Hu Jintao, China’s outgoing president, has announced that the country will make doubling salaries one of the number priorities over the next decade.
International movers looking to relocate to the Far East will no doubt have reacted positively to the news, which was revealed at the start of the Communist Party’s 18th congress at the Great Hall in Beijing.
The rise in income will be part of a wider set of reforms aimed at ensuring that China’s economy is able to maintain elevated levels of productivity over the long-term.
Other significant changes include boosting foreign investment, expanding the number of expats in the country, making its currency and interest rates more market orientated and pumping additional capital into industry.
Speaking to delegates, he reiterated that China must adapt to the ever changing domestic and global environment, adding that growth must be balanced and sustainable.
Mr Jintao said: “We should firmly maintain the strategic focus of boosting domestic demand, speed up the establishment of a long-term mechanism for increasing consumer demand, unleash the potential of individual consumption, increase investment at a proper pace, and expand the domestic market.”
These responsibilities will fall onto the shoulders of the next generation of senior Chinese politicians, with Xi Jingping set to become leader of the party at the end of the congress.
He will then officially take over as president of the world’s second biggest economy in March 2013.