What to Expect From the Third Plenum, China’s Big Policy Meeting

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What to Expect From the Third Plenum, China’s Big Policy Meeting
ChinaPresident Xi JinpingLand Reform
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(Bloomberg) -- The Chinese Communist Party’s top ranks gather this month for one of the country’s biggest annual policy meetings, with everything from chip...

-- The Chinese Communist Party ’s top ranks gather this month for one of the country’s biggest annual policy meetings, with everything from chip technology to land reform and a revamp to the nation’s biggest tax source possibly on the cards. What isn’t expected is the kind of major policy pivot that’s often been seen in the past.The so-called Third Plenum gathers some 400 government bigwigs, military chiefs, provincial bosses and academics in Beijing to steer the political and economic course.

Technology self-sufficiency and modernization of the industry have been high on the task list in key government and party documents in recent years promoting Xi’s high-quality development concept.

These measures would be in line with the authorities’ goal of allowing the market to play a key role in allocating resources. Their successful roll-out could also slowly boost the spending power of consumers to help rebalance the economy.For decades, China’s local governments have done most of the heavy lifting on growth-stimulating infrastructure spending. That may be reaching a limit after it led to a massive provincial debt pile, made worse by the property slump.

Private sector sentiment was battered profoundly by Xi’s crackdown on property developers and technology firms about three years ago. Beijing has shifted to more pro-business rhetoric since as the government seeks to bolster a post-Covid recovery, yet private investment has been slow to emerge without concrete state action to support it.

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