Global ImpactPromises abound of deepened reform, but what did China’s third plenum tell us?
- In this week’s issue of the Global Impact newsletter, we look back at the conclusion of China’s third plenum
The communique released summarising China’s third plenum – one of several gatherings of the Communist Party’s elite Central Committee – was seen as seeking a delicate balance between growth and security in the face of mounting uncertainties.
Analysts said the outcome was in line with expectations as it provided a continuation of existing policy tweaks, although nothing that hinted at China heading towards a different direction.
“China’s leadership has promised to continue comprehensively deepening reform in a wide range of areas. But there are few signs that the just-concluded third plenum marks a major change in the direction of policymaking,” said Julian Evans-Pritchard, head of China economics at Capital Economics.
“And there still appears to be a tension between policies aimed at boosting economic security and expanding the supply side of the economy, and those aimed at giving market forces a greater role and rebalancing growth toward consumption.”
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China’s Communist Party wraps up policy meeting amid growing uncertainties
The statement did acknowledge, in a rare departure from a tradition of focusing on long-term goals, that China must “unwaveringly strive to finish this year’s growth targets”.