China's third plenum

The Third Plenary Session of the 20th Central Committee of the Communist Party of China, held from July 15 to 18, 2024, aimed to outline significant reforms for long-term economic development amidst internal and external pressures. President Xi Jinping emphasized a commitment to deepening comprehensive reforms, expanding the private sector, and increasing the role of markets in resource allocation. However, the meeting concluded with a vague readout, raising concerns about the lack of concrete implementation strategies for the ambitious goals, which echo past pledges. Key measures discussed included urbanization reforms, fiscal policy centralization, and boosting innovation to combat issues like low consumer sentiment and industrial overcapacity. The resolution also highlighted the importance of national security and strengthening technological capabilities to address geopolitical challenges, particularly with the US. Despite these aspirations, the effectiveness of the policies remains uncertain given the current economic climate and trade barriers against China.