NINGBO, China — China’s top leader will convene the much-anticipated Third Plenary Session of the Central Committee of the Communist Party of China from July 15 to 18, state media said Thursday.
“Policies that deliver on promises, rather than just formulating a series of policy measures, are the key to boosting confidence and growth momentum,” said JLL’s Pang Ming.
He said his analysis of the government’s annual conference in December found that policy implementation was mentioned twice as often in reports as in the previous year, underscoring its importance.
In October 2022, the 20th National Congress of the Communist Party of China elected a new leadership collective. it is third plenary meeting State media said the event will be held from July 15 to 18.
English-language official media said the plenary meeting will discuss “further comprehensively deepening reforms and promoting China’s modernization.”
The Third Plenary Session of the Central Committee of the Communist Party of China is of historical significance and triggered a period of transformation in China’s economic policy. For example, in 1978 China under Deng Xiaoping announced that it would initiate economic reforms and open its economy to private and foreign investment.
The meeting came much later than many expected. It is usually held in the autumn after the election of new party leaders twice every ten years in the previous year.
Michael Pettis, a finance professor at Peking University’s Guanghua School of Management, said: “Most analysts believe the long delays reflect the challenges of dealing with weak domestic demand, a rapidly shrinking real estate sector, worsening trade conflicts and soaring debt. There is a lack of consensus.
“My best guess is that the Third Plenum will propose measures to address the housing market, the restructuring or reallocation of local government debt, and weak household consumption,” Pettis said.
“Given the magnitude and intractability of the problems, the only way to quickly address them without damaging the rest of the economy is to increase government debt all at once,” he said. “I don’t think we should do that,” he added. “We are very optimistic about any proposed measures coming to next month’s meeting. “
—CNBC’s Sonia Heng contributed to this report.
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