The Chinese Communist Party will hold the Third Plenum of the 20th Central Committee from July 15 to 18. In the past, third plenums have often launched major reforms. During the Third Plenum of the 11th Central Committee in 1978, former leader Deng Xiaoping ushered in policy changes that paved the way for decades of rapid economic growth and opening to the outside world. The third plenary session of the 18th Central Committee held in 2013 was also of epoch-making significance, as it marked the beginning of a new stage in China's reform and opening-up that underpinned China's high-quality development over the past several years despite complex international and domestic situations.
This year’s third plenum carries historical significance given the structural economic slowdown, global geo-political tensions and an increasing emphasis on coordinating development and security, observers said. A document on further comprehensively deepening reform and advancing Chinese modernization is expected to be issued after the meeting. The goal is to “complete the building of a high-standard socialist market economy by 2035”, when “socialist modernization will be basically achieved”.
Experts said the plenum offers the CPC leadership an opportunity to outline how it plans to manage the structural slowdown following a period of rapid economic growth, and will provide indications as to the future direction of the Party’s key priorities, including technological self-reliance and innovation, national security and economic growth. Policies will be finalized to address an increasingly uncertain economic outlook, alleviating the uncertainties affecting both consumers and investors.
In 2023, China's GDP growth exceeded CNY126 trillion, up from about CNY59 trillion in 2013, and a mere CNY367.9 billion in 1978, the year that marked the start of China's decades-long reform and opening-up. “Reform is the driving force for development,” President Xi said, while chairing a symposium in Jinan, Shandong province, in May, attended by representatives from business and academia. He said that China should take resolute steps to remove the ideological and institutional barriers hindering the advancement of Chinese modernization, and double down on efforts to resolve deep-seated institutional challenges and structural issues. The third plenum will not only offer a clear path to achieving Chinese modernization, but will also rally the entire Chinese nation to overcome new challenges and strive to realize such a grand goal, experts said, as reported by the China Daily and Global Times.
