China’s Communist Party will signal its approach to the country’s challenges at a meeting this week
China’s ruling Communist Party started the third plenum, a four-day meeting that is expected to lay out a strategy for self-sufficient economic growth.
China’s ruling Communist Party started a four-day meeting Monday that is expected to lay out a strategy for self-sufficient economic growth in an era of heightened national security concerns and restrictions on access to American technology.
While the meeting typically focuses on such long-term issues, business owners and investors will also be watching to see if the party announces any immediate measures to try to counter a prolonged real estate downturn and persistent malaise that has suppressed China’s post-Covid-19 recovery.
“There’s a lot of unclarity of policy direction in China,” which is weighing on consumer and investor confidence, said Bert Hofman, the former World Bank country director for China and a professor at the National University of Singapore. “This is a point in time where China needs to show its cards.”
Economic growth slowed to 4.7% on an annual basis in the April to June quarter, the government reported Monday.
Chinese leader Xi Jinping addressed the closed-door meeting on Monday, expounding on a draft of its coming decision on “deepening reform and advancing Chinese modernization,” the official Xinhua News Agency said.
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