Don’t expect drastic economic reforms at China’s delayed party conclave: Analysts

BEIJING – With China’s economy facing a host of challenges, an upcoming conclave of Communist Party leaders is expected to provide the blueprint for growth for at least the next five years.

Closely watched will be whether there are greater signals on boosting consumption, which economists have long called for in order to move towards a more sustainable growth model, especially as exports and investment have come under pressure, with trade tensions and flagging confidence in the business environment.

But it was only in April that the committee’s political bureau announced that the meeting would be held in July, with the agenda as “further comprehensively deepening reform and advancing Chinese modernisation”. The latest bimonthly issue of Qiushi – the CPC’s leading journal – published on June 16 contained an article by Mr Han Wenxiu, deputy director of the General Office of the Central Financial and Economic Affairs Commission, that outlined six main tasks of deepening reforms. The office manages the day-to-day affairs of the commission, the highest decision-making body on economic policy.

The CPC’s third plenums have historically resulted in pivotal decisions on the economy. The one held in 1978 set China on the path of opening up, allowing foreign businesses to operate in China. Another held in November 2013, a year after Mr Xi took office, vowed to let the market “play a decisive role” in resource allocation.

Chinese economy expert Zhu Tian believes a slowdown in household consumption – which is hard to boost in the short term in a high-saving country like China – is not the main reason for the current weakness of the economy.

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