PODCAST: A more 'market'-based economy in China

President Xi Jinping will set economic policy for China for the next decade this weekend.

Chinese leaders emerged from a four-day policy meeting today, and according to state media, leaders are announcing a shift toward a more market-based Chinese economy. China’s communist leaders said the government would allow the markets to play a "decisive" role in allocating resources in the world’s second-largest economy. For a country where local governments tend to micro-manage the allocation of resources from the central government, this shows China’s leadership wants the private sector to get a fair shake. 

Also, U.S. Treasury Secretary Jack Lew heads to Asia and he plans to press China on the value of its currency. That's an effort that for years has gone nowhere. Undeterred by those long odds, Lew will also be working to convince U.S. trade partners in the region to reach agreement on an historic free trade deal by the end of this year. A proposed Trans-Pacific Partnership, with twelve members along the Pacific Rim, make up almost 40 percent of the global economy.

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About the author

David Brancaccio is the host of Marketplace Morning Report. Follow David on Twitter @DavidBrancaccio

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