The Chinese Communist Party has not yet confirmed the timing of the third plenary session (three plenary sessions) of the Communist Party Central Committee, which determines the direction of economic policy.
As a result, concerns are being raised that the economic downturn may be prolonged due to the lack of strong government stimulus measures while economic recovery is still slow.
According to local media such as China’s Xinhua News Agency on the 2nd, the Communist Party held a Politburo meeting chaired by President Xi Jinping on the 31st of last month.
At this meeting, ‘Education Total Settlement Report on in-depth research and implementation of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era’ and ‘Opinions on educational outcomes that solidify Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era’ were reviewed. However, there was no mention of the third plenary session.
Since Deng Xiaoping presented the reform and opening policy at the Third Plenary Session of the 11th Central Committee in 1978, the Third Plenary Session has become an event to announce policy roadmaps related to China’s future development both domestically and internationally. Except for 2018, it is held every October or so. It was held in early November.
There are also concerns that uncertainty about the Chinese market may be increasing as China is unable to schedule the third round.
The Hong Kong South China Morning Post (SCMP) diagnosed, “Under the leadership of the party and government, maintaining national security and unity is still the most important goal, and other issues such as youth employment and economic revitalization do not appear to be priorities.”
Trivium China, a policy research institute, said in a recent report, “With the much-anticipated third plenary session being delayed for no reason, trust among businesses and consumers will be further weakened,” adding, “This will make it difficult for the economy to solidify its recovery.”
It has been pointed out that the Chinese government has promised support not only for foreign companies but also for private companies, but has not come up with specific policies.
Recently, the Chinese government has introduced measures such as introducing visa exemption measures, but it is still considered insufficient.
Adam Dunnett, Secretary-General of the European Union Chamber of Commerce in China, told SCMP: “The mixed messages from the Chinese government are preventing companies from finding direction, leading to increased uncertainty and eroding market trust.”
(Beijing = News 1)
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.