The third plenum of the 18th Party Congress issued an ambitious reform program to transform China’s economy by 2020 into one that relies on market forces rather than government to allocate resources. Launching the program, however, is hampered by the fragile nature of the economy today. Since 2008 China has depended on a vast property bubble to fund fixed asset investment that leads the economy. Ambitious structural reforms usually involve a period of economic slowdown. Doing so amidst a bubble economy may trigger a deep downturn. This is why financial markets have been focusing on the downside from bursting of the bubble rather than the upside from successful implementation of the reform program.
中共十八届三中全会发布了一份雄心勃勃的改革计划，要在2020年以前实现manbetx3.0 manbetx20客户端下载 的转型，转为主要依靠市场力量而非政府来进行资源配置。但这一计划一推出，就面临着当前脆弱manbetx20客户端下载 局面的阻碍。自2008年以来，manbetx3.0 一直依靠巨大的房地产泡沫来为主导manbetx20客户端下载 的固定资产投资提供融资。雄心勃勃的结构性改革通常会带来一段时期的manbetx20客户端下载 增长放缓。而如果在manbetx20客户端下载 泡沫期施行结构性改革，则可能导致manbetx20客户端下载 增速显著下滑。正因为此，金融市场才一直在关注泡沫破裂可能带来的不利影响，而非成功推行改革计划可能带来的好处。