China's Third Plenum: Xi Jinping's Unwavering Vision Amid Structural Challenges

At the Third Plenum, Chairman Xi Jinping showcased his steadfast vision for China's future, focusing on a high-standard socialist market economy by 2029. Despite economic woes and calls for policy shifts, Xi remained resolute. Policy refinements rather than major changes marked the meeting, reflecting his unyielding stance.

The Third Plenum, held from 15-18 July, reiterated Chairman Xi Jinping's firm vision for China's future trajectory while ignoring demands for policy shifts. Xi aims for a 'high-standard socialist market economy in all respects' by 2029, with his ideology as the guiding principle. The meeting, nine months delayed, saw attendance from 199 members and 165 alternate members of the 20th Central Committee.

Since 1982, the Chinese Communist Party (CCP) has held seven plenums each five-year term, with the third plenum typically unveiling major policy initiatives. This session, however, offered only refinements to existing measures. Markets reacted negatively to Xi's unaltered strategy, causing a notable decline in Chinese stocks. Neil Thomas of the Asia Society Policy Institute noted a significant reduction in policy discussion and revisions compared to previous plenums, indicating a more centralized decision-making process under Xi.

Among the critical foci, Xi stressed economic system reform, which in China implies minor technical adjustments rather than significant changes. Economic goals included leveraging market efficiency and encouraging foreign investment, despite tight party control and regulatory practices that deter external business interests. Xi also emphasized comprehensive reforms for high-quality development, integrating economic policies with military modernization, and advancing national security. Additionally, he pushed for bolstering innovation through science and technology, and reinforcing party leadership. The plenum confirmed expulsions of key defense officials and discussed high-tech innovation, tax reform, and rural land re-collectivization. Xi's unchallenged position ensures his continuation as General Secretary and commander-in-chief for the next term.

(With inputs from agencies.)