The "Chinese Economists 50 Forum," held its annual meeting in Beijing on February 11 and discussed "the major characteristics and challenges of China's reform and development in new period." This drew to a close a two-year long debate on the subject.

The meeting allowed economists to make their views known in response to two-year-long nationwide debate on the subject.

Many problems had arisen with the deepening of reform – the growing gap between the rich and poor, worsening environmental problems and corruption. People had a range of views on past reform measures but the subjects under discussion focused on two topics – the economic growth model and the gains and losses of reforms in past decades.

"Indeed, China's reform and development is entering a fresh new period," said 76-year-old Wu Jinglian, a senior State Council Development Research Center researcher. Wu is also an active supporter of China's market-oriented reform. His research work assisted in paving the way for many of the country's reforms in the past 20 years.

Many of the current economic and social systems and relevant reforms required further work. And in some areas significant difficulties remained. .

He pointed out that changes in some key economic fields were required such as joint-stock reform of large state-owned enterprises, the reform of the administrative and equity systems of monopolized industries and the market-oriented allocation of basic resources were all encountering many obstacles and accordingly progress was slow.

A legal environment, essential to secure operations in a modern market economy, had not been put in place. Meanwhile, public services like education and social security were being weakened instead of strengthened. It was also difficult for the extensive economic growth model to be intensified.

"All these indicate to us that it is necessary and urgent for us to reflect upon the gains and losses of reform, recognize its problems and nail down future trends," Wu said.

"China is facing another historical turning point," said Huangpu Ping, former deputy editor-in-chief of the People's Daily, an organ of the Communist Party of China (CPC) Central Committee.

"During the massive transformation of economic systems many conflicts were caused by the immature market economy and the inefficient mechanisms of the marketplace which came from defects in market economy or it's mechanisms."

In her speech Wu Xiaoling, deputy governor of the central People's Bank of China, recognized the existence of different interest groups. "China's reform has entered a new phase of interest pattern adjustment.

"It makes good sense to recognize the existence of interest groups, co-ordinate the interests of the different groups and seek common ground when making and amending legislation," she said.

(China.org.cn by Tang Fuchun, February 23, 2006)