context: A Politburo meeting on 30 April 2024 set the long-anticipated Third Plenum of the 20th Central Committee for July 2024. The plenum is meant to deal with deep structural reforms to the PRC’s political economy, and will be especially important as the country faces a mixed economic picture coupling strong manufacturing growth and technological upgrading with weak confidence and stagnant price levels. Xi’s speech at this symposium may act as a precursor to the Third Plenum, introducing certain topics that may be resolved.
On 23 May 2024, Xi Jinping 习近平 chaired a symposium in Jinan, Shandong with business leaders and experts, emphasising the need to deepen reforms to advance China’s modernization and national rejuvenation.
The 20th Party Congress's blueprint aims to build a modern socialist country, requiring focused reforms, value orientations and effective methods to achieve strategic goals.
Key attendees included Politburo Standing Committee members Wang Huning 王沪宁 and Cai Qi 蔡奇 along with representatives from nine enterprises (both domestic and foreign), specialised small and medium enterprises, and economists, including
- Zhou Qiren 周其仁 Peking University professor
- notable reformist focused on land reform, the private economy and development
- Huang Hanquan 黄汉权 Chinese Academy of Macroeconomic Research director
- long-time researcher at National Development and Reform Commission specialising in the rural economy and price system
- Zhang Bin 张斌 CASS (Chinese Academy of Social Sciences) Institute of World Economics and Politics deputy director
- expert in development and structural transition
Participants provided insights on
- reforming power systems
- venture capital development
- technological upgrading in traditional industries
- private enterprise governance
- improving foreign business environment
- Hong Kong’s integration into the new development paradigm
- giving people a sense of gain through reform
- urban-rural development
- macroeconomic governance
Xi highlighted that reform drives development, requiring a focus on enhancing socialist systems and modernising national governance. Reforms should address major issues (especially social contradictions), enhance productivity and change relations of production while ensuring the superstructure matches the economic base. The goal is to improve people's lives, addressing urgent issues like
- employment
- income
- education
- healthcare
- housing
- safety
Effective reform implementation, adherence to Party leadership and innovation are essential for achieving these objectives.