China’s Communist Party sticks to painful reform playbook to target risks and growth

Party elite offer no quick fixes as they wrap up a key meeting to determine long-term strategy in an increasingly uncertain world

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Xi Jinping, Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi arrive to attend the Central Committee’s third plenary session in Beijing. Photo: Xinhua

Published: 11:08pm, 18 Jul 2024Updated: 5:33pm, 19 Jul 2024

China’s ruling Communist Party concluded its twice-a-decade policy meeting on Thursday, releasing a communique that sought to strike a delicate balance between growth and security in the face of mounting uncertainties.

Sober in tone, it laid out a wide range of reform objectives to be completed in the next five years when the People’s Republic celebrates its 80th anniversary. The party seldom sets explicit deadlines for its reform programmes.

The communique was – as expected – short and vague, with the full statement of the meeting to be released next week. Still, it offered insights into the top leadership’s thinking and policy directions for the coming years.

It was released at the end of the four-day session, known as the third plenum, an important event for the party elite to hammer out long-term strategies.

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China’s Communist Party wraps up policy meeting amid growing uncertainties

This plenum, during President Xi Jinping’s unprecedented third term, took place later than usual, reflecting the complex and challenging environment that China is facing.

The country’s economic growth has slowed considerably, and the slumps in the financial and property markets have badly shaken public confidence. Externally, China’s rivalry with the United States is set to intensify, and its ties with major trading partners like Europe and Japan continue to fray.