Third Plenum Solidifies China’s Approach to Managing the Economy
By Banny Wang and John Clarki
July 23rd, 2024
The plenum placed a major emphasis on economic policies to enhance domestic innovation and manufacturing.
Officials also deliberated several policy priorities that could benefit USCBC member companies, including developing a national unified market and increasing market access.
Any changes to the business environment that result from the plenum will be gradual given the meeting’s high-level nature.
The 20th Central Committee of the Chinese Communist Party concluded its third plenum last Thursday in Beijing. Over the course of the meetings, senior party leaders deliberated a wide range of economic and social policy initiatives that will have lasting implications for companies operating in China. President Xi Jinping chaired the four-day event, and all key party officials were present.
Historically, the third plenum has garnered significant attention from the business community, as it has served as a venue for major announcements that impact the trajectory of the Chinese economy. According to the official communique and the resolution document released after the plenum’s conclusion, the central government aims to build a “high-standard socialist market economy,” leveraging the role of the market to allocate resources more efficiently and treating private and state-owned enterprises (SOEs) equally. At the same time, the documents place at least an equal importance on securing China’s domestic supply chains, using national resources to boost innovation, and strengthening governance within SOEs.
The documents reflect on high-level and largely aspirational policy objectives, and it is possible that more details on specific policy actions could surface before the end of the month.
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