China isn’t following through on its market reform pledges as quickly as desired, German ambassador to China Michael Clauss said in an interview. “I regret to note that the reform initiatives taken at the third plenum apparently have lost momentum,” Clauss told the South China Morning Post in Beijing. The Communist Party, under the leadership of Xi Jinping, pledged three years ago that China would allow the market to play a “decisive” role in resources allocation. But the promises of adopting more market-oriented changes have mostly been shelved as Beijing beefs up intervention in economic activities, from coal mine operations to capital account controls. “Officially, China propagates a policy of open markets and unfettered access for foreign trade and investment,” Clauss said. “However, we note that very often [the] reality on the ground does not correspond to the declared intention.”
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