Policy agenda borrows heavily from 2013 playbook
Markets less enthusiastic than a decade ago
Industrial focus worries those calling for structural reform
Analyst sees 6month grace period from markets on implementation

BEIJING, July 22 Reuters As imbalances in China39;s economy deepen, pressure is growing on Beijing to deliver on the decadeold policy promises it revived at an agendasetting leadership meeting last week, having failed to achieve major breakthroughs in recent years.

Faced with deflationary pressures and weak demand at home and increased hostility towards its export dominance abroad, the twice a decade political event, known as a plenum, chose to point towards policy continuity rather than any structural shifts.

Chinese stocks fell on Monday, even as the central bank surprised markets with rate cuts.

The plenum has clearly not been a game changer in terms of the reforms announced, especially given the challenges ahead both externally and domestically, said Alicia Garcia Herrero, chief Asia Pacific economist at Natixis.

It seems as if the Chinese authorities prefer to muddle through while doubling down on their convictions. The problem is that there is now much more mud to deal with.

While economists would welcome progress on pledges such as improving the business environment for the public sector, giving markets a decisive role in allocating resources or increasing tax revenues, they are not convinced that will occur.

The 2024 plenum agenda…