Analysis: China finally sets dates for reform-focused plenum, no sea change expected under President Xi

Chinese President Xi Jinping meets the media following a twice-a-decade party meeting in October 2022. The third plenum is widely regarded as the CCP's platform to set the economic strategy for the next five to 10 years.

A high-tech push, reducing local protectionism and advancing fiscal reforms are set to be among the priorities, noted Mr Neil Thomas, a fellow at the Asia Society Policy Institute’s Center for China Analysis. He added that observers often have an “illusion” of the “groundbreaking impact” of the third plenum, referencing the sweeping reforms announced by the late Deng Xiaoping in 1978.

In November 2013 the central committee at a third plenum vowed to “let the market take the decisive role in allocating resources” in a clear indication of a freer economy. President Xi is under no compulsion to follow past trends, said RSIS’ Asst Prof Ho. “The way I see it, plenums like these provide the platform for the political leadership to set the broad parameters and priorities, and possibly to make adjustments to past policies,” he added.

The April 30 meeting did not specify the plenum's agenda but emphasised the adoption of proactive fiscal policies, utilisation of foreign capital, and development of"new quality productive forces" to mitigate risks in critical areas amid intense global competition, reported the South China Morning Post .

According to the article, which made the newspaper’s front page, attention will be placed on the"reform of the economic system," which includes"upholding and developing the basic economic system" and"establishing a high-level socialist market economy by 2035”. Topics such as reforming the electric power system, enhancing productivity and market reforms for land were discussed, according to local media reports.

“It could still deliver some upside surprises to address China's economic struggles, as the reversal of zero-Covid policies suggests that Xi can change his mind when it is in his political interest to do so.”China watchers will also be looking out at the third plenum for further details into the dismissals of former high-profile figures.

Source: Financial Digest (financialdigest.net)

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