China's Third Plenum of the 20th Central Committee of the Chinese Communist Party is expected to take place from July 15-18, 2024.
Europe and the United States are dealing with elections while China decides its economic direction, which will have significant implications for global investors and the world economy.
President Xi Jinping aims to achieve 'socialist modernization' by 2035 and focus on technological self-sufficiency for national security.
The Third Plenum is anticipated to tweak China's economic trajectory towards top-down economic governance, focusing on scientific self-reliance and innovation-driven growth.
The Third Plenum of the 20th Central Committee of the Chinese Communist Party (CCP) is set to take place from July 15-18, and is expected to shape China's economic path for years to come. This meeting comes as China faces major challenges in its economy, public services, and social welfare. With President Xi Jinping at the helm, the CCP aims to achieve a 'socialist modernization' by 2035 and focus on technological self-sufficiency for national security. The Third Plenum is anticipated to tweak rather than change China's economic trajectory, as party and state officials seek decisive guidance from the Central Committee. This meeting also signifies another step towards top-down economic governance under President Xi, focusing on scientific self-reliance and innovation-driven growth. As Europe and the United States deal with elections, China is set to decide its economic direction of travel, which will have significant implications for global investors and the world economy.
The third plenary session of the 20th Central Committee of the Chinese Communist Party (CCP) is likely to tweak rather than change the country’s economic trajectory.
Party and state officials will still be looking for decisive guidance from the Central Committee when its 205 voting members and 171 alternates meet for their five-yearly
Accuracy
China’s biggest policy meeting in six years is taking place this week
China has shifted its growth paradigm from chasing a nominal growth rate to building a resilient economy driven by innovation.
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Accuracy
]The third plenum of the 20th Chinese Communist Party (CCP) central committee is a significant event that will decide China’s economic direction.[
Previous third plenums have provided clear indications of China’s economic growth strategy for the following decade.
The upcoming third plenum will focus on communist party high politics, with an emphasis on the relationship between society and economy.
Government intervention is expected to channel economic resources into strategic and innovation sectors and guarantee minimum social welfare for the poor.
The terms ‘new quality productive force’ and ‘new national system’ will be discussed extensively at the third plenum, emphasizing innovation breakthroughs rather than maximizing GDP growth.
Beijing aims to make China a champion of innovation through generating disruptive technology and scaling up into high-end manufacturing.
The shift to tech and innovation may not necessarily generate more jobs for young people and ordinary households due to dimmed consumer confidence, higher youth unemployment, and a more precarious international environment.
The upcoming third plenum should not only help the world’s second largest economy withstand shocks but also generate a new growth model that improves the prospects of everyone at home.
Deception
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Bias
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The article expresses a clear bias towards the Chinese Communist Party's economic policies and their shift towards innovation and technological self-reliance. The author uses language that depicts this shift as a 'sea change' and 'another step towards top-down economic governance'. The author also implies that this shift may not be favored by private enterprises and global investors, suggesting a negative view of their perspective.
Another key question is whether such a shift to tech and innovation can have the spillover effect of generating more jobs for young people and ordinary households.
It should also, look to generate new growth model that improves the prospects of everyone at home.
President Xi’s new politburo, loaded with senior scientists after the 20th Party Congress in 2022, also presented a powerful narrative to illustrate that Xi wants to build China as a tech champion to withstand the US’s ‘fences and yards.’
The underlying emphasis here is not on the economy but on geopolitics.
This gathering will give a final political stamp to do so.
