Chinese president neemt voortouw bij economie

Chinese President Xi Jinping has taken charge of drawing up ambitious reform plans to revitalize the economy, sources close to the government said, shunning policy stimulus for fear it could worsen local government debt and inflate property prices. A consensus had been reached among top leaders that reforms would be the only way to put the world's second-largest economy on a more sustainable footing, said the sources, who are familiar with the plans and Xi's involvement.

China's economic growth is at its weakest in 13 years, although still the envy of any major economy.

Xi will present the reforms at a key meeting of the ruling Communist Party later this year that will set the agenda for the next decade, signaling his seriousness to see breakthroughs, the sources told Reuters. Some of the sources cautioned that the reforms could face resistance from vested interests, especially state firms.