- "We will step-up exchange rate reforms," he promised, adding that recent activity in Hong Kong currency derivatives markets signaled the value of the yuan "is possibly near an equilibrium level".
- "Economic development has also produced unfair distribution, a lack of trust, graft and other problems," Wen said. "I'm deeply aware that solving these problems needs the advance of political system reform, as well as economic system reform, and especially reform of the leadership system of the party and state."
- Many analysts said it seemed unlikely that any major reforms would be delivered ahead of a leadership handover, which is scheduled to begin towards the end of this year when Hu and Wen retire from their posts in the Communist Party.
- Wen said home prices, which have started to decline after soaring 10-fold in the last decade, remained "far from returning to reasonable levels".
- Softer property prices have stopped local authorities from selling land to raise money needed to service debts. Economists believe that some 20 to 30 percent of those loans may to turn sour, which could cripple the banking system. But Wen said the debt risks were manageable.
Pete
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