China's Economic Crossroads: Xi Jinping and the Third Plenum

China's GDP dipped to 4.7% in the second quarter, sparking discussions at a key Communist Party meeting. The 'Third Plenum,' attended by 376 members, aims to advance comprehensive reforms and modernize China's economy. This pivotal gathering marks a defining moment for Xi Jinping's leadership amidst economic challenges and strategic goals for 2035 and beyond.

According to official government reports, China's GDP dropped to 4.7 percent in the second quarter, causing significant concern among the country's leadership. The ruling Communist Party is holding a pivotal 'Third Plenum' meeting to discuss comprehensive reforms aimed at revitalizing the world's second-largest economy.

The meeting is being attended by 376 full and alternate members of the Communist Party of China (CPC) Central Committee. High on the agenda is a focus on deepening reforms and advancing China's modernization, crucial steps for addressing challenges such as demographic crises, sluggish growth, and mounting local government debt.

President Xi Jinping, also the party's general secretary, delivered a work report at the outset, shedding light on a draft decision for deepening reforms and advancing modernization. This event is seen as a defining moment in Xi's third five-year term, setting the reform agenda for the next decade and striving to achieve goals set for 2035. The plenum is crucial for charting the direction of China's economic and governance systems amidst global curbs and domestic challenges.

(With inputs from agencies.)