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China's Third Plenum: Focused Economic Reforms Amid Political ...
2024-07-30 14:59:08
China
Economy
Politics

China's Third Plenum: Focused Economic Reforms Amid Political Control

China's Third Plenum champions 'Chinese-style modernization' with emphasis on CCP control and S&T innovation, while prioritizing industrial policy, self-sufficiency, and social investment. The Vice-Premier outlines a strategic roadmap for maintaining global competitiveness through balanced industrial transitions.

The Politburo commits to stimulating the economy via market confidence and emerging sectors. Despite calls for change, Xi Jinping stands firm, prioritizing political legacy protection over drastic economic shifts.

Related news on that topic:

Chinese Leadership Reaffirms Economic Support Amidst Growing ... Concerns

China's top leadership emphasizes the need for deepening economic reforms to address risks and negative external impacts. With the economy recovering slowly post-COVID restrictions, achieving a five percent growth target is deemed ambitious. Urgent measures focus on reducing local government debts and accelerating reforms in the real estate sector. The ailing real estate market, historically pivotal for growth, faces severe challenges with mounting debts and unfinished projects. The Politburo's recent pledges signal a determined effort to stabilize the economy through macro policies, supporting emerging sectors, and fostering market confidence amidst a sluggish second-quarter recovery.

China's Economic Boost Through Special Bonds and Offshore ... Offerings

China is deploying 300 billion yuan in ultra-long-term special bonds to propel consumption and investments, potentially elevating nominal GDP growth by 0.4-1.3 percentage points in H2 2023. Despite these efforts, challenges like weak domestic demand and job insecurities persist, hindering consumer spending. Additionally, Guangdong is set to issue 7.5 billion yuan in offshore yuan bonds in Hong Kong and Macau, following other regions like Shenzhen and Hainan, to bolster the Greater Bay Area and globalize the yuan. The Ministry of Finance is also issuing 55 billion yuan in treasury bonds in Hong Kong to solidify the city's role as an offshore yuan hub, supported by the southbound Bond Connect. China's leadership reaffirms backing for the economy and property sector, emphasizing the need to alleviate municipal debts and revamp the real estate development model. With economic growth below the 5% target, efforts are underway to address the real estate crisis, including completing stalled projects and stabilizing prices.

Read 1 more recent news on this topic

The press radar on this topic:

The Diplomat
29. Juli 2024 um 14:47

China’s Third Plenum: Political Control Drives Economic Reforms

Politics
Economy
Technology
China's Third Plenum endorsed "Chinese-style modernization" emphasizing "spiritual civilization" and CCP control. Reforms focus on S&T innovation, "new quality productive forces", and the "Two Unswerving Supports", while maintaining industrial policy, technological self-sufficiency, and increasing social, healthcare spending, and consumer spending through urbanization and healthcare sector reforms.
Global Economy - South China Morning Post
30. Juli 2024 um 13:30

Chinese vice-premier lays out road map for industrial policy at ‘unprecedented’ time | South China Morning Post

Politics
Economy
Technology
China will develop new quality productive forces through government planning, market-driven innovation, and an open ecosystem, to maintain its position in fierce global competition and respond to US suppression. This systematic project must balance patience and urgency, consider regional conditions, and not blindly replace traditional industries.
Global Economy - South China Morning Post
30. Juli 2024 um 06:23

China’s Politburo pledges support, sending stronger-than-expected signal to boost economy | South China Morning Post

Politics
Economy
Finance
China's 24-member Politburo, the party's top decision-making body led by President Xi Jinping, vows to boost economy through macro policies, market confidence, full-year goal, emerging sectors, domestic demand, and curbing competition, amid slowing Q2 recovery.
Asia Times
30. Juli 2024 um 09:56

Xi stays the course amid rising calls for change

Politics
Economy
The plenum decision indicates Xi Jinping is determined to safeguard his political legacy, rejecting calls for fundamental changes to address China's economic and social problems, which may put his legacy at risk.
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