China approves rural reforms to boost economy. FXI

BEIJING, Oct 12 (Reuters) - China's Communist Party on Sunday approved rural reforms aiming to unleash the economic power of hundreds of millions of farmers, as it looks to home markets as a bulwark against the global financial crisis.
The country's leaders huddled together with experts and farmer representatives during a four day conclave, with results delivered only after it closed and President Hu Jintao made a report.
'The Communist Party of China (CPC) Central Committee on Sunday approved a decision on major issues concerning rural reform and development,' the official Xinhua agency said, in a report that gave no further details.
But a torrent of recent speeches and reports have already made clear the leadership is intent on lifting the income and productivity of China's 740 million-plus farming population in a bid to boost domestic growth and ease social unrest.
'The global credit crisis freezing up the world's finances may be a blessing in disguise for China as it aims to modify its economic structure after three decades of breakneck growth,' Xinhua said in a commentary on Sunday.
'The government turned to the vast rural market, which has 55 percent of the nation's consumers,' the report added, before mentioning the leadership meeting and the reforms it passed.