China convenes third plenum with focus on reforms and advancing modernisation - CNA

WHAT’S ON THE AGENDA?

For this session, observers are not anticipating drastic policies. Instead, expectations are for a scaling up of existing reform measures.

As China battles economic headwinds on many fronts, including the ongoing property crisis, analysts believe the leadership may not want to rock the boat too much.

“The key words would be consistency and stability for this session because China is now in an uphill battle, dealing with economic development and also global pressure,” said Dr Liu Baocheng, director of the University of International Business and Economics’ Center for International Business Ethics.

“To keep the central leadership of Xi Jinping and on top of that, push more of the leadership of the Communist Party at different institutions, would be the desired outcome of this meeting,” he added.

Policymakers are banking on the development of new and cutting-edge technologies to drive growth. Experts said this includes biotechnology, green energy, artificial intelligence and the aerospace industry.

This marks a shift from its old growth model that relied on real estate and infrastructure, which raises questions over how much support China's property sector will receive.

Measures so far have failed to revive the crisis-hit sector, with latest home price data still logging a decline.

EXPECTATIONS FOR REFORMS

The world’s second-biggest economy is also grappling with a declining population, shrinking labour force, and weakened business confidence.

While China is expected to hit its growth target of around five per cent this year, economists say Chinese policymakers need to ramp up structural changes to focus on long-term economic policy.

They have been calling on the central government to cover more expenses, as localities are saddled with debt made worse by the property crisis.

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2024-07-15 09:05:00Z
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