context: Beijing finally set the long-anticipated 20th Central Committee’s Third Plenum for July 2024. A number of meetings, including this one, can be understood as previews of the major themes that will be discussed and set at the plenum. A common thread throughout these meetings, including Politburo meetings in April and May, is more work to support the private economy, a key economic task since summer 2023. Questions remain, however, if the centre can truly provide enough assurances to spur a new wave of flourishing private enterprises.
The seventh meeting of the Standing Committee of the 14th CPPCC (Chinese People's Political Consultative Conference) National Committee opened in Beijing on 4 June 2024. The meeting focused on building a high-level socialist market economy system and is set to last two and a half days. Reports from major leaders and discussion included:
- Wang Huning 王沪宁 CPPCC chair
- emphasised that constructing a high-level socialist market economy system is a major task proposed by the CCP, crucially outlined at the 20th National Congress
- stressed the importance of deeply understanding Xi Jinping's economic thoughts and the ‘Two Establishes’ (两个确立) (note: that refers to Xi as the core of the Party leadership and Xi Jinping Thought as its guiding dogma)
- urged CPPCC members to enhance their political responsibility and historical mission to serve the broader agenda
- called for thorough consultation and suggestions to contribute to the comprehensive modernization and revival of the Chinese nation
- Ding Xuexiang 丁薛祥 Executive Vice Premier
- highlighted the necessity of using Xi Jinping's thoughts as a guiding framework, employing a holistic and systematic approach to reform
- stressed the ‘Two Unwaverings’ (两个毫不动摇)
- importance of strengthening and improving state-owned capital and enterprises while supporting the development of the non-public economy
- advocated for accelerating the construction of a unified national market and improving fundamental market economy systems, including
- property rights protection
- market access
- fair competition
- social credit
- emphasised the strategic role of
- national development planning
- coordinated fiscal and monetary policies
- promoting steady economic growth
- encouraged alignment with high-standard international trade rules and gradual institutional opening to foster new advantages in international economic cooperation and competition
- reviewed reports from various CPPCC committees on
- accelerating the transformation and upgrading of traditional manufacturing
- strengthening water conservancy infrastructure and improving agricultural production capacity
- promoting the green and low-carbon transformation of industries
- strengthening cooperation between Guangdong, Hong Kong and Macau in participating in the Belt and Road Initiative
- implementing strategies to enhance free trade zones
CPPCC Daily reports discussed topics included
- unified national market
- macroeconomic management
- improving income distribution
- improving social security
- combined rural-urban economic development
- high-level open economy