context: Third Plenums often set major developmental directions, with the 11th meeting kicking off the PRC’s reform and opening-up era. Following Party protocols, the 20th meeting should have been held in late 2023. Yet, the Central Committee delayed the meeting, leading to speculation that the Party centre lacked economic solutions to boost the declining economy. The long-awaited announcement finally arrived on 1 May 2024.
The CPC Central Committee has set the 20th Third Plenum in Beijing in July, announces Xinhua. The decision was made during a Politburo meeting on 30 April chaired by Xi Jinping 习近平.
The Politburo meeting pointed out the need to
- continue advance reform and opening-up
- implement Xi Jinping’s thoughts on comprehensively deepening reform
- refine the new development paradigm
- continue to emancipate thinking
- balance progress and stability
- advance economic system reform to foster social justice
The meeting illustrates that the PRC economy is facing stiff challenges, including
- the lack of domestic supply
- blocking domestic circulation
- financially stressed enterprises
- risks in key financial sectors
- surging external instabilities
In terms of policy, the meeting urges officials to implement already rolled-out macro policies
- issue ultra long-term bonds as soon as possible
- flexibly utilise policy tools such as interest rates and bank reserves to
- back the real economy
- lower financing costs in the society
- foster domestic demand
- build new mechanisms to foster cooperation state-social capital partnership
Other measures are also mentioned
- building new productive forces according to local conditions
- fostering a national unified market
- easing risks in key sectors
- guarantee stability in the real estate sector
- curb local government debt
- advancing low carbon development
- refining social relief mechanisms
- advance employment
- build a social security net
- continue rural revitalisation
A major focus is on advancing Yangtze Delta's integrated development. The initiative
- is a major strategic decision made by Xi Jinping’s CPC Central Committee
- urges cadres to centre on
- hastening core technological breakthroughs
- upgrade traditional industries
- expand emerging industries
- plan future industries
- foster new industrial supply chains to back strategic interests
- refine administrative system
- enhance cross-department collaboration
- expand cross-municipal integration
- hastening core technological breakthroughs
- institutional responsibilities
- coordinated by the Central Spatial Coordinative Development Leading Group
- primarily advanced by Shanghai
- supported by Jiangsu, Zhejiang and Anhui according to local abilities