China’s fourth plenum: leaders bolster self-reliance against ‘raging storms’

After a meeting of China’s political leadership setting the tone for policymaking over the next five years, warnings of “raging storms” and growing uncertainties joined declarations of confidence in the nation’s economic resilience, as Beijing vowed to make “notable progress” in the pursuit of development and to maintain its status as a manufacturing powerhouse.

While building upon existing policy priorities, the document also offered signs of the challenges the committee anticipates for China in the rest of the decade, with the frequency of the word “fight” exceeding its usage in a similar readout from five years ago. “Dare to fight, and be good at fighting,” a favoured expression of President Xi Jinping, was used directly.

“We must have the courage to face major tests amid high winds, rough waves and even raging storms, and tackle difficulties, risks and challenges with a spirit of historical initiative – focusing on doing our own work well to write a new chapter in sustaining China’s economic growth and long-term social stability,” according to the communique, published by state news agency Xinhua.

A press conference is scheduled for Friday, and a longer resolution text is expected to be released in the coming days.

“The message from the post-meeting communique is one of policy continuity, with technological upgrading and economic security still topping the agenda,” said Julian Evans-Pritchard, head of China economics at Capital Economics, in a report published Thursday.