China’s Third Plenum is scheduled to take place as a four- day meeting from Monday to Thursday in Beijing this week.
The third plenary session of the 20th Central Committee of the Communist Party of China (CPC) commenced in Beijing on Monday.
General Secretary Xi Jinping delivered a work report on behalf of the Political Bureau, outlining a draft decision on deepening reforms and advancing Chinese modernization. This closed-door session, chaired by President Xi Jinping, is scheduled to conclude on July 18.
It aims to outline China’s policy direction for the next five years amidst economic challenges
The CPC holds major congresses every ten years where Central Committee members are elected. The current 20th Central Committee was elected during the party’s last congress in October 2022.
In between congresses, the Central Committee convenes seven plenums attended by its 205 members and 171 alternate members.
The focus of plenums varies: the first, second, and seventh typically deal with power transitions, the fourth and sixth center on party ideology, while the third historically addresses long-term economic reforms. The fifth plenum is associated with China’s five-year development plans, with the current plan ending in 2025.
Described by Chinese state media as “epoch-making,” this week’s third plenum is expected to introduce significant initiatives aimed at tackling long-term social and economic challenges in China.
The third plenum in December 1978, under Deng Xiaoping, initiated China’s economic reforms that transformed it from a centrally planned economy into a global economic powerhouse.
In November 2013, the third plenum committed to allowing markets to play a decisive role in resource allocation, marking a significant economic policy shift. This week’s third plenum will focus on promoting advanced manufacturing, revising the tax system to manage debt risks, addressing the property crisis, boosting domestic consumption, and revitalizing the private sector, according to policy advisors.
China’s third plenum scheduled for this week will bring out new economic policies that will focus on managing the economy after the last quarter (April to June) showed comparatively weaker performance.
