As China's leaders gather, market reform hopes fadeBEIJING (Reuters) - President Xi Jinping s rule in China has been marked by a muscular stance in many areas   from corruption to foreign policy - but investors and business leaders hoping that the nation s most powerful leader in decades will drive market reforms are girding for disappointment. As he gears up for his second term, hoped-for market liberalization is increasingly being viewed as secondary to Xi s state-centered approach to economic policy and his focus on stability.  The Communist Party Congress beginning on Wednesday in Beijing is expected to see Xi consolidate his power and is unlikely to see a change in his priorities. Party spokesman Tuo Zhen told reporters at a briefing on Tuesday that China will persist with opening up and expanding market access.  But foreign executives and analysts question whether these kinds of comments will mean a lot on the ground.  I don t see market opening coming. It s all about discipline and control,  said one senior China-based American executive, who declined to be identified. China s State Council Information Office referred questions on market reforms to the country s economic planning agency, the National Development and Reform Commission, which did not respond to a faxed request for comment. Some Chinese policy insiders said that they don t expect any significant speeding up.  We will not rush on reforms. The pace of changes will not change dramatically,  said one advisor to the Chinese government who was speaking on condition of anonymity. Xi s sweeping anti-corruption campaign and his move to personally take charge of economic policymaking had initially been seen by China analysts as early signs that he would use his consolidated power to push tough reforms through entrenched bureaucracies. The party s 2013 pledge under Xi s then-new administration to let the market play a decisive role in the economy had also given hope to those pushing for reform. But many analysts and business leaders now see Xi s faith in markets as tenuous, and that 2013 reform pledge as a mere  holdover from his predecessors. A lack of follow-through over the past several years on repeated State Council vows to open markets to the world have left foreign businesses with  promise fatigue , as the European Union Chamber of Commerce in China put it last month. Those delays coincide with the passage of a raft of new national security and cyber security laws and regulations that China s trading partners complain will put them at a disadvantage.  For the past 20 or 30 years it was economic development at all costs, and I think we are seeing a new paradigm now where national security is dominant and economic issues are channeled through that lens,  said Jude Blanchette, who studies the party at The Conference Board s China Center for Economics and Business in Beijing. Blanchette said true market reforms in Xi s second term would mean walking back much of the control he has fought to acquire, an unlikely prospect. Other painful reforms that many economists say are needed have also moved slowly under Xi. They include overhauling China s debt-laden state sector, fixing the fiscal system to tackle local government debt, bringing in new property taxes to ward off housing bubbles, and allowing farmers to sell their land more freely. Capital controls, including restrictions on some outbound investment deals, have helped stabilize the yuan, but at the cost of hampering China s ambition to internationalize the currency. Chinese reform advocates say the government has been avoiding potentially disruptive changes due to concerns over economic and social stability and resistance from vested interests, such as powerful state-run companies.  If there are no such reforms, the conflicts will keep accumulating while risks will be even higher, which could destroy our prospects to move forward,  said Jia Kang, director of the China Academy of New Supply-Side Economics, a Beijing-based think tank. In 2015, Xi espoused his own state-led  supply side structural reform  doctrine, an effort in part to tame an explosion of debt by cutting capacity in heavy industries, and reduce risk from bad bank loans. While Xi can tout continued robust economic growth - the government had set a 2017 GDP growth target of around 6.5 percent but it now looks like it will be closer to 7 percent - it is still reliant on credit and investment as opposed to more sustainable consumption. And expanded state control over the economy is at the center of key Xi initiatives, including the  Made in China 2025  plan, which funnels billions of dollars into robotics, semiconductors, and other industries deemed strategic. Despite government talk this year about opening some restricted sectors to overseas investment, some foreign business groups express scepticism, even as U.S. President Donald Trump is expected to seek some concessions for American businesses during his planned visit to Beijing in early November.  Until we see the equity cap lifted from 49 percent to 50 percent or higher with foreign banks, or until we see foreign insurance companies able to fully access the market, we re just having the same conversation we had five years ago,  said Jacob Parker, vice president of China operations at the U.S.-China Business Council. Xi has also reasserted that state-owned enterprises (SOEs) should be the commanding heights of the economy. Foreign experts on Chinese markets point to government efforts to merge state companies into even larger champions as proof of how the state s vision of reform does not necessarily mean increased use of free markets. In recent years, Beijing has required state firms to reassert their Communist Party committees  hold on corporate decision-making. A 2015 blueprint for SOE reform made no mention of the 2013 pledge for the decisive role of the market. One senior western diplomat in Beijing told Reuters it has become increasingly clear that the top priority for Xi remains strengthening the primacy of the party and stability.  When further opening up comes into conflict with that priority, the argument for stability tends to win,  the diplomat said. worldnews
as china leaders gather market reform hopes fadebeijing reuters president xi winning rule china marked muscular stance many areas corruption foreign policy investors business leaders hoping nation powerful leader decades drive market reforms giving disappointment as gears second term market liberalization increasingly viewed secondary xi approach economic policy focus stability the communist party congress beginning wednesday beijing expected see xi consolidate power unlikely see change priorities party spokesman tuo when told reporters briefing tuesday china persist opening expanding market access but foreign executives analysts question whether kinds comments mean lot ground i see market opening coming it discipline control said one senior american executive declined identified china state council information office referred questions market reforms country economic planning agency national development reform commission respond fixed request comment some chinese policy insiders said expect significant speeding we rush reforms the pace changes change dramatically said one advisor chinese government speaking condition anonymity xi sweeping campaign move personally take charge economic policymaking initially seen china analysts early signs would use consolidated power push tough reforms entrenched bureaucracies the party pledge xi administration let market play decisive role economy also given hope pushing reform but many analysts business leaders see xi faith markets tenuous reform pledge mere holder predecessors a lack past several years repeated state council vows open markets world left foreign businesses promise fatigue european union chamber commerce china put last month those delays coincide passage raft new national security cyber security laws regulations china trading partners complain put disadvantage for past years economic development costs i think seeing new paradigm national security dominant economic issues channeled lens said jude blanchette studies party the conference board china center economics business beijing blanchette said true market reforms xi second term would mean walking back much control fought acquire unlikely prospect other painful reforms many economists say needed also moved slowly xi they include overhanging china state sector fixing fiscal system tackle local government debt bringing new property taxes ward housing bubbles allowing farmers sell land freely capital controls including restrictions outbound investment deals helped stabilize yuan cost tampering china ambition internationale currency chinese reform advocates say government avoiding potentially disruptive changes due concerns economic social stability resistance vested interests powerful companies if reforms conflicts keep accumulating risks even higher could destroy prospects move forward said jia kang director china academy new economics think tank in xi espoused supply side structural reform doctrine effort part tame explosion debt cutting capacity heavy industries reduce risk bad bank loans while xi tout continued robust economic growth government set gdp growth target around percent looks like closer percent still reliant credit investment opposed sustainable consumption and expanded state control economy center key xi initiatives including made china plan funnels billions dollars robotics semiconductors industries deemed strategic despite government talk year opening restricted sectors overseas investment foreign business groups express scepticism even president donald trump expected seek concessions american businesses planned visit beijing early november until see equity cap lifted percent percent higher foreign banks see foreign insurance companies able fully access market conversation five years ago said jacob parker vice president china operations business council xi also asserted enterprises does commanding heights economy foreign experts chinese markets point government efforts merge state companies even larger champions proof state vision reform necessarily mean increased use free markets in recent years beijing required state firms assert communist party committees hold corporate a blueprint soe reform made mention pledge decisive role market one senior western diplomat beijing told reuters become increasingly clear top priority xi remains strengthening primacy party stability when opening comes conflict priority argument stability tends win diplomat said worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: As China's leaders gather, market reform hopes fadeBEIJING (Reuters) - President Xi Jinping s rule in China has been marked by a muscular stance in many areas   from corruption to foreign policy - but investors and business leaders hoping that the nation s most powerful leader in decades will drive market reforms are girding for disappointment. As he gears up for his second term, hoped-for market liberalization is increasingly being viewed as secondary to Xi s state-centered approach to economic policy and his focus on stability.  The Communist Party Congress beginning on Wednesday in Beijing is expected to see Xi consolidate his power and is unlikely to see a change in his priorities. Party spokesman Tuo Zhen told reporters at a briefing on Tuesday that China will persist with opening up and expanding market access.  But foreign executives and analysts question whether these kinds of comments will mean a lot on the ground.  I don t see market opening coming. It s all about discipline and control,  said one senior China-based American executive, who declined to be identified. China s State Council Information Office referred questions on market reforms to the country s economic planning agency, the National Development and Reform Commission, which did not respond to a faxed request for comment. Some Chinese policy insiders said that they don t expect any significant speeding up.  We will not rush on reforms. The pace of changes will not change dramatically,  said one advisor to the Chinese government who was speaking on condition of anonymity. Xi s sweeping anti-corruption campaign and his move to personally take charge of economic policymaking had initially been seen by China analysts as early signs that he would use his consolidated power to push tough reforms through entrenched bureaucracies. The party s 2013 pledge under Xi s then-new administration to let the market play a decisive role in the economy had also given hope to those pushing for reform. But many analysts and business leaders now see Xi s faith in markets as tenuous, and that 2013 reform pledge as a mere  holdover from his predecessors. A lack of follow-through over the past several years on repeated State Council vows to open markets to the world have left foreign businesses with  promise fatigue , as the European Union Chamber of Commerce in China put it last month. Those delays coincide with the passage of a raft of new national security and cyber security laws and regulations that China s trading partners complain will put them at a disadvantage.  For the past 20 or 30 years it was economic development at all costs, and I think we are seeing a new paradigm now where national security is dominant and economic issues are channeled through that lens,  said Jude Blanchette, who studies the party at The Conference Board s China Center for Economics and Business in Beijing. Blanchette said true market reforms in Xi s second term would mean walking back much of the control he has fought to acquire, an unlikely prospect. Other painful reforms that many economists say are needed have also moved slowly under Xi. They include overhauling China s debt-laden state sector, fixing the fiscal system to tackle local government debt, bringing in new property taxes to ward off housing bubbles, and allowing farmers to sell their land more freely. Capital controls, including restrictions on some outbound investment deals, have helped stabilize the yuan, but at the cost of hampering China s ambition to internationalize the currency. Chinese reform advocates say the government has been avoiding potentially disruptive changes due to concerns over economic and social stability and resistance from vested interests, such as powerful state-run companies.  If there are no such reforms, the conflicts will keep accumulating while risks will be even higher, which could destroy our prospects to move forward,  said Jia Kang, director of the China Academy of New Supply-Side Economics, a Beijing-based think tank. In 2015, Xi espoused his own state-led  supply side structural reform  doctrine, an effort in part to tame an explosion of debt by cutting capacity in heavy industries, and reduce risk from bad bank loans. While Xi can tout continued robust economic growth - the government had set a 2017 GDP growth target of around 6.5 percent but it now looks like it will be closer to 7 percent - it is still reliant on credit and investment as opposed to more sustainable consumption. And expanded state control over the economy is at the center of key Xi initiatives, including the  Made in China 2025  plan, which funnels billions of dollars into robotics, semiconductors, and other industries deemed strategic. Despite government talk this year about opening some restricted sectors to overseas investment, some foreign business groups express scepticism, even as U.S. President Donald Trump is expected to seek some concessions for American businesses during his planned visit to Beijing in early November.  Until we see the equity cap lifted from 49 percent to 50 percent or higher with foreign banks, or until we see foreign insurance companies able to fully access the market, we re just having the same conversation we had five years ago,  said Jacob Parker, vice president of China operations at the U.S.-China Business Council. Xi has also reasserted that state-owned enterprises (SOEs) should be the commanding heights of the economy. Foreign experts on Chinese markets point to government efforts to merge state companies into even larger champions as proof of how the state s vision of reform does not necessarily mean increased use of free markets. In recent years, Beijing has required state firms to reassert their Communist Party committees  hold on corporate decision-making. A 2015 blueprint for SOE reform made no mention of the 2013 pledge for the decisive role of the market. One senior western diplomat in Beijing told Reuters it has become increasingly clear that the top priority for Xi remains strengthening the primacy of the party and stability.  When further opening up comes into conflict with that priority, the argument for stability tends to win,  the diplomat said. worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: as china leaders gather market reform hopes fadebeijing reuters president xi winning rule china marked muscular stance many areas corruption foreign policy investors business leaders hoping nation powerful leader decades drive market reforms giving disappointment as gears second term market liberalization increasingly viewed secondary xi approach economic policy focus stability the communist party congress beginning wednesday beijing expected see xi consolidate power unlikely see change priorities party spokesman tuo when told reporters briefing tuesday china persist opening expanding market access but foreign executives analysts question whether kinds comments mean lot ground i see market opening coming it discipline control said one senior american executive declined identified china state council information office referred questions market reforms country economic planning agency national development reform commission respond fixed request comment some chinese policy insiders said expect significant speeding we rush reforms the pace changes change dramatically said one advisor chinese government speaking condition anonymity xi sweeping campaign move personally take charge economic policymaking initially seen china analysts early signs would use consolidated power push tough reforms entrenched bureaucracies the party pledge xi administration let market play decisive role economy also given hope pushing reform but many analysts business leaders see xi faith markets tenuous reform pledge mere holder predecessors a lack past several years repeated state council vows open markets world left foreign businesses promise fatigue european union chamber commerce china put last month those delays coincide passage raft new national security cyber security laws regulations china trading partners complain put disadvantage for past years economic development costs i think seeing new paradigm national security dominant economic issues channeled lens said jude blanchette studies party the conference board china center economics business beijing blanchette said true market reforms xi second term would mean walking back much control fought acquire unlikely prospect other painful reforms many economists say needed also moved slowly xi they include overhanging china state sector fixing fiscal system tackle local government debt bringing new property taxes ward housing bubbles allowing farmers sell land freely capital controls including restrictions outbound investment deals helped stabilize yuan cost tampering china ambition internationale currency chinese reform advocates say government avoiding potentially disruptive changes due concerns economic social stability resistance vested interests powerful companies if reforms conflicts keep accumulating risks even higher could destroy prospects move forward said jia kang director china academy new economics think tank in xi espoused supply side structural reform doctrine effort part tame explosion debt cutting capacity heavy industries reduce risk bad bank loans while xi tout continued robust economic growth government set gdp growth target around percent looks like closer percent still reliant credit investment opposed sustainable consumption and expanded state control economy center key xi initiatives including made china plan funnels billions dollars robotics semiconductors industries deemed strategic despite government talk year opening restricted sectors overseas investment foreign business groups express scepticism even president donald trump expected seek concessions american businesses planned visit beijing early november until see equity cap lifted percent percent higher foreign banks see foreign insurance companies able fully access market conversation five years ago said jacob parker vice president china operations business council xi also asserted enterprises does commanding heights economy foreign experts chinese markets point government efforts merge state companies even larger champions proof state vision reform necessarily mean increased use free markets in recent years beijing required state firms assert communist party committees hold corporate a blueprint soe reform made mention pledge decisive role market one senior western diplomat beijing told reuters become increasingly clear top priority xi remains strengthening primacy party stability when opening comes conflict priority argument stability tends win diplomat said worldnews