China's Communist Party Convenes to Endorse Xi's High-Tech Economic Vision

China Communist Party policy meeting expected to endorse leader Xi's high-tech vision for economy

BEIJING (AP) -- China's ruling Communist Party is wrapping up a top-level meeting on Thursday that is expected to endorse policies aimed at building the country's technological prowess and fortifying its national security. The plenary meeting of the party's Central Committee was held behind closed doors. But analysts expect a major focus to be on strategies for self-sufficient economic growth at a time when China faces tightening restrictions on access to Western advanced technology, such as leading-edge computer chips and artificial intelligence. Foreign investors and markets were watching to see what the party might do to counter the slump in China's real estate sector and weak consumer confidence that has hindered China's recovery from the COVID-19 pandemic. Economic growth slowed to 4.7% on an annual basis in the April to June quarter, as investments in real estate and property sales continued to decline despite a raft of measures aimed at encouraging families to buy housing. Recent reports in state media and earlier government policy statements suggest Beijing will continue to prioritize investing in technologies and encouraging companies to upgrade their equipment and knowhow in line with leader Xi Jinping's call for "high-quality development." "Xi's recent remarks on reform and opening-up at various major meetings provide a crucial window into the tone of the session, the priority of China's reform agenda and the overall goal of further deepening reform and advancing Chinese modernization," the party newspaper Global Times said in a commentary. It said the meetings would "draw a blueprint for reform on all fronts," aiming to improve China's governance and to "resolve deep-seated institutional challenges and structural issues, so as to promote high-quality development and advance Chinese modernization." Chinese leaders have repeatedly said China will keep its doors open to foreign investment and improve the business environment, despite ever-extending Communist Party controls over companies, social media, financial regulators and other aspects of life. "This is opposite to earlier promises and pledged reforms of further opening up of the economy and pro-market policies," Teeuwe Mevissen, a senior strategist at Rabobank, said in a report. New incentives for foreign investors are a possibility, he said, as well as moves in line with Xi's call for a "common prosperity" that enables ordinary Chinese to benefit more from economic growth. Another priority is relieving the financial squeeze on local governments that have built up huge amounts of debt after a crackdown on heavy borrowing by property developers pushed the real estate industry into crisis, cutting off a vital source of tax revenues from sales of land-use rights. This week's meetings are the third plenary session of the 205-member party Central Committee, which began a five-year term in 2022. Delayed from last year, third plenums usually set major economic and policy decisions. Past landmark plenums launched China into its ascent as a world manufacturing and financial power in an era of "reform and opening up." Economists say the odds the meeting will announce significant stimulus spending to help boost the economy are low. And details of any decisions may not come for days, if not after the party's powerful Politburo meets later this month. But the scale of problems Beijing is facing have upped the urgency for action. "Historically, the third plenum generally disappoints when it comes to the announcement of significant policy overhauls. However, this time might be different given China's mounting economic challenges," Mevissen said.

China Communist Party policy meeting expected to endorse leader Xi's high-tech vision for economy

BEIJING -- China's ruling Communist Party is wrapping up a top-level meeting on Thursday that is expected to endorse policies aimed at building the country's technological prowess and fortifying its national security. The plenary meeting of the party's Central Committee was held behind closed doors. But analysts expect a major focus to be on strategies for self-sufficient economic growth at a time when China faces tightening restrictions on access to Western advanced technology, such as leading-edge computer chips and artificial intelligence. Foreign investors and markets were watching to see what the party might do to counter the slump in China's real estate sector and weak consumer confidence that has hindered China's recovery from the COVID-19 pandemic. Economic growth slowed to 4.7% on an annual basis in the April to June quarter, as investments in real estate and property sales continued to decline despite a raft of measures aimed at encouraging families to buy housing. Recent reports in state media and earlier government policy statements suggest Beijing will continue to prioritize investing in technologies and encouraging companies to upgrade their equipment and knowhow in line with leader Xi Jinping's call for "high-quality development." "Xi's recent remarks on reform and opening-up at various major meetings provide a crucial window into the tone of the session, the priority of China's reform agenda and the overall goal of further deepening reform and advancing Chinese modernization," the party newspaper Global Times said in a commentary. It said the meetings would "draw a blueprint for reform on all fronts," aiming to improve China's governance and to "resolve deep-seated institutional challenges and structural issues, so as to promote high-quality development and advance Chinese modernization." Chinese leaders have repeatedly said China will keep its doors open to foreign investment and improve the business environment, despite ever-extending Communist Party controls over companies, social media, financial regulators and other aspects of life. "This is opposite to earlier promises and pledged reforms of further opening up of the economy and pro-market policies," Teeuwe Mevissen, a senior strategist at Rabobank, said in a report. New incentives for foreign investors are a possibility, he said, as well as moves in line with Xi's call for a "common prosperity" that enables ordinary Chinese to benefit more from economic growth. Another priority is relieving the financial squeeze on local governments that have built up huge amounts of debt after a crackdown on heavy borrowing by property developers pushed the real estate industry into crisis, cutting off a vital source of tax revenues from sales of land-use rights. This week's meetings are the third plenary session of the 205-member party Central Committee, which began a five-year term in 2022. Delayed from last year, third plenums usually set major economic and policy decisions. Past landmark plenums launched China into its ascent as a world manufacturing and financial power in an era of "reform and opening up." Economists say the odds the meeting will announce significant stimulus spending to help boost the economy are low. And details of any decisions may not come for days, if not after the party's powerful Politburo meets later this month. But the scale of problems Beijing is facing have upped the urgency for action. "Historically, the third plenum generally disappoints when it comes to the announcement of significant policy overhauls. However, this time might be different given China's mounting economic challenges," Mevissen said.

China Communist Party policy meeting expected to endorse leader Xi's high-tech vision for economy

BEIJING (AP) -- China's ruling Communist Party is wrapping up a top-level meeting on Thursday that is expected to endorse policies aimed at building the country's technological prowess and fortifying its national security. The plenary meeting of the party's Central Committee was held behind closed doors. But analysts expect a major focus to be on strategies for self-sufficient economic growth at a time when China faces tightening restrictions on access to Western advanced technology, such as leading-edge computer chips and artificial intelligence. Foreign investors and markets were watching to see what the party might do to counter the slump in China's real estate sector and weak consumer confidence that has hindered China's recovery from the COVID-19 pandemic. Economic growth slowed to 4.7% on an annual basis in the April to June quarter, as investments in real estate and property sales continued to decline despite a raft of measures aimed at encouraging families to buy housing. Recent reports in state media and earlier government policy statements suggest Beijing will continue to prioritize investing in technologies and encouraging companies to upgrade their equipment and knowhow in line with leader Xi Jinping's call for "high-quality development." "Xi's recent remarks on reform and opening-up at various major meetings provide a crucial window into the tone of the session, the priority of China's reform agenda and the overall goal of further deepening reform and advancing Chinese modernization," the party newspaper Global Times said in a commentary. It said the meetings would "draw a blueprint for reform on all fronts," aiming to improve China's governance and to "resolve deep-seated institutional challenges and structural issues, so as to promote high-quality development and advance Chinese modernization." Chinese leaders have repeatedly said China will keep its doors open to foreign investment and improve the business environment, despite ever-extending Communist Party controls over companies, social media, financial regulators and other aspects of life. "This is opposite to earlier promises and pledged reforms of further opening up of the economy and pro-market policies," Teeuwe Mevissen, a senior strategist at Rabobank, said in a report. New incentives for foreign investors are a possibility, he said, as well as moves in line with Xi's call for a "common prosperity" that enables ordinary Chinese to benefit more from economic growth. Another priority is relieving the financial squeeze on local governments that have built up huge amounts of debt after a crackdown on heavy borrowing by property developers pushed the real estate industry into crisis, cutting off a vital source of tax revenues from sales of land-use rights. This week's meetings are the third plenary session of the 205-member party Central Committee, which began a five-year term in 2022. Delayed from last year, third plenums usually set major economic and policy decisions. Past landmark plenums launched China into its ascent as a world manufacturing and financial power in an era of "reform and opening up." Economists say the odds the meeting will announce significant stimulus spending to help boost the economy are low. And details of any decisions may not come for days, if not after the party's powerful Politburo meets later this month. But the scale of problems Beijing is facing have upped the urgency for action. "Historically, the third plenum generally disappoints when it comes to the announcement of significant policy overhauls. However, this time might be different given China's mounting economic challenges," Mevissen said.

China Communist Party Policy Meeting Expected to Endorse Leader Xi's High-Tech Vision for Economy

BEIJING (AP) -- China's ruling Communist Party is wrapping up a top-level meeting on Thursday that is expected to endorse policies aimed at building the country's technological prowess and fortifying its national security. The plenary meeting of the party's Central Committee was held behind closed doors. But analysts expect a major focus to be on strategies for self-sufficient economic growth at a time when China faces tightening restrictions on access to Western advanced technology, such as leading-edge computer chips and artificial intelligence. Foreign investors and markets were watching to see what the party might do to counter the slump in China's real estate sector and weak consumer confidence that has hindered China's recovery from the COVID-19 pandemic. Economic growth slowed to 4.7% on an annual basis in the April to June quarter, as investments in real estate and property sales continued to decline despite a raft of measures aimed at encouraging families to buy housing. Recent reports in state media and earlier government policy statements suggest Beijing will continue to prioritize investing in technologies and encouraging companies to upgrade their equipment and knowhow in line with leader Xi Jinping's call for "high-quality development." "Xi's recent remarks on reform and opening-up at various major meetings provide a crucial window into the tone of the session, the priority of China's reform agenda and the overall goal of further deepening reform and advancing Chinese modernization," the party newspaper Global Times said in a commentary. It said the meetings would "draw a blueprint for reform on all fronts," aiming to improve China's governance and to "resolve deep-seated institutional challenges and structural issues, so as to promote high-quality development and advance Chinese modernization." Chinese leaders have repeatedly said China will keep its doors open to foreign investment and improve the business environment, despite ever-extending Communist Party controls over companies, social media, financial regulators and other aspects of life. "This is opposite to earlier promises and pledged reforms of further opening up of the economy and pro-market policies," Teeuwe Mevissen, a senior strategist at Rabobank, said in a report. New incentives for foreign investors are a possibility, he said, as well as moves in line with Xi's call for a "common prosperity" that enables ordinary Chinese to benefit more from economic growth. Another priority is relieving the financial squeeze on local governments that have built up huge amounts of debt after a crackdown on heavy borrowing by property developers pushed the real estate industry into crisis, cutting off a vital source of tax revenues from sales of land-use rights. This week's meetings are the third plenary session of the 205-member party Central Committee, which began a five-year term in 2022. Delayed from last year, third plenums usually set major economic and policy decisions. Past landmark plenums launched China into its ascent as a world manufacturing and financial power in an era of "reform and opening up." Economists say the odds the meeting will announce significant stimulus spending to help boost the economy are low. And details of any decisions may not come for days, if not after the party's powerful Politburo meets later this month. But the scale of problems Beijing is facing have upped the urgency for action. "Historically, the third plenum generally disappoints when it comes to the announcement of significant policy overhauls. However, this time might be different given China's mounting economic challenges," Mevissen said. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

China policy meeting expected to endorse Xi's high-tech economy vision

China's ruling Communist Party is wrapping up a top-level meeting on Thursday that is expected to endorse policies aimed at building the country's technological prowess and fortifying its national security. The plenary meeting of the party's Central Committee was held behind closed doors. But analysts expect a major focus to be on strategies for self-sufficient economic growth at a time when China faces tightening restrictions on access to Western advanced technology, such as leading-edge computer chips and artificial intelligence. Foreign investors and markets were watching to see what the party might do to counter the slump in China's real estate sector and weak consumer confidence that has hindered China's recovery from the COVID-19 pandemic. Economic growth slowed to 4.7% on an annual basis in the April to June quarter, as investments in real estate and property sales continued to decline despite a raft of measures aimed at encouraging families to buy housing. Recent reports in state media and earlier government policy statements suggest Beijing will continue to prioritize investing in technologies and encouraging companies to upgrade their equipment and knowhow in line with leader Xi Jinping's call for "high-quality development." "Xi's recent remarks on reform and opening-up at various major meetings provide a crucial window into the tone of the session, the priority of China's reform agenda and the overall goal of further deepening reform and advancing Chinese modernization," the party newspaper Global Times said in a commentary. It said the meetings would "draw a blueprint for reform on all fronts," aiming to improve China's governance and to "resolve deep-seated institutional challenges and structural issues, so as to promote high-quality development and advance Chinese modernization." Chinese leaders have repeatedly said China will keep its doors open to foreign investment and improve the business environment, despite ever-extending Communist Party controls over companies, social media, financial regulators and other aspects of life. "This is opposite to earlier promises and pledged reforms of further opening up of the economy and pro-market policies," Teeuwe Mevissen, a senior strategist at Rabobank, said in a report. New incentives for foreign investors are a possibility, he said, as well as moves in line with Xi's call for a "common prosperity" that enables ordinary Chinese to benefit more from economic growth. Another priority is relieving the financial squeeze on local governments that have built up huge amounts of debt after a crackdown on heavy borrowing by property developers pushed the real estate industry into crisis, cutting off a vital source of tax revenues from sales of land-use rights. This week's meetings are the third plenary session of the 205-member party Central Committee, which began a five-year term in 2022. Delayed from last year, third plenums usually set major economic and policy decisions. Past landmark plenums launched China into its ascent as a world manufacturing and financial power in an era of "reform and opening up." Economists say the odds the meeting will announce significant stimulus spending to help boost the economy are low. And details of any decisions may not come for days, if not after the party's powerful Politburo meets later this month. But the scale of problems Beijing is facing has upped the urgency for action. "Historically, the third plenum generally disappoints when it comes to the announcement of significant policy overhauls. However, this time might be different given China's mounting economic challenges," Mevissen said.

China Communist Party policy meeting endorses leader Xi's high-tech vision for economy

BEIJING -- China's ruling Communist Party ended a top-level meeting on Thursday by endorsing policies aimed at building the country's technological power and fortifying its national security. A statement released when the meeting ended provided only a broad-brush summary of any decisions. More details are likely to emerge days later. "The current and future period is a critical time for comprehensively promoting the construction of a strong country and the great cause of national rejuvenation with Chinese-style modernization," it said. "High quality development is the primary task of building a modern socialist country in an all-round way." It said the tasks outlined in the meeting would be completed by 2029, the 80th anniversary of the founding of the People's Republic of China. The meeting's agenda focused on strategies for self-sufficient economic growth at a time when China faces tightening restrictions on access to Western advanced technology, such as leading-edge computer chips and artificial intelligence. "National security is an important foundation for the steady and long-term development of Chinese-style modernization," the statement released Thursday said, noting that the "leadership of the party is the fundamental guarantee" for achieving that goal. Foreign investors and markets were watching to see what the party might do to counter the slump in China's real estate sector and weak consumer confidence that has hindered China's recovery from the COVID-19 pandemic. Economic growth slowed to 4.7% on an annual basis in the April to June quarter, as investments in real estate and property sales continued to decline despite a raft of measures aimed at encouraging families to buy housing. Recent reports in state media and earlier government policy statements suggest Beijing will continue to prioritize investing in technologies and encouraging companies to upgrade their equipment and knowhow in line with leader Xi Jinping's call for "high-quality development." Addressing concerns that have weakened consumer confidence, slowing China's recovery from the COVID-19 pandemic, Thursday's statement acknowledged the need to improve "basic and bottom-up livelihood, solve the most direct and realistic interests of the people and continuously meet the people's yearning for a better life." It promised improvements to income distribution, job markets, social security and the medical system, but gave no specifics. Likewise, the statement mentioned the need to address risks in the property market and other threats to the economy, without providing details. Another priority is relieving the financial squeeze on local governments that have built up huge amounts of debt after a crackdown on heavy borrowing by property developers pushed the real estate industry into crisis, cutting off a vital source of tax revenues from sales of land-use rights. The announcement Thursday only alluded in general terms to the need to reform the tax system and improve integration of cities and the countryside. Chinese leaders have repeatedly said China will keep its doors open to foreign investment and improve the business environment, despite ever-extending Communist Party controls over companies, social media, financial regulators and other aspects of life. "This is opposite to earlier promises and pledged reforms of further opening up of the economy and pro-market policies," Teeuwe Mevissen, a senior strategist at Rabobank, said in a report. New incentives for foreign investors are a possibility, he said, as well as moves in line with Xi's call for a "common prosperity" that enables ordinary Chinese to benefit more from economic growth. Thursday's statement repeatedly reiterated the need for openness and open markets, but also said the party must prevent any "ideological risks." This week's meetings are the third plenary session of the 205-member party Central Committee, which began a five-year term in 2022. Delayed from last year, third plenums usually set major economic and policy decisions. Past landmark plenums launched China into its ascent as a world manufacturing and financial power in an era of "reform and opening up." Economists say the odds the meeting would announce significant stimulus spending to help boost the economy were low. Details of any policy decisions will come gradually, and probably after the party's powerful Politburo meets later this month.

China Communist Party policy meeting endorses leader Xi's high-tech vision for economy - Times of India

BEIJING: China's ruling Communist Party ended a top level meeting on Thursday by endorsing policies aimed at building the country's technological power and fortifying its national security. A statement released when the meeting ended provided only a broad brush summary of any decisions. More details are likely to emerge days later. The meeting's agenda focused on strategies for self sufficient economic growth at a time when China faces tightening restrictions on access to Western advanced technology, such as leading edge computer chips and artificial intelligence. Foreign investors and markets were watching to see what the party might do to counter the slump in China's real estate sector and weak consumer confidence that has hindered China's recovery from the COVID-19 pandemic. Economic growth slowed to 4.7% on an annual basis in the April to June quarter, as investments in real estate and property sales continued to decline despite a raft of measures aimed at encouraging families to buy housing. Recent reports in state media and earlier government policy statements suggest Beijing will continue to prioritise investing in technologies and encouraging companies to upgrade their equipment and know how in line with leader Xi Jinping's call for "high quality development." "Xi's recent remarks on reform and opening-up at various major meetings provide a crucial window into the tone of the session, the priority of China's reform agenda and the overall goal of further deepening reform and advancing Chinese modernization," the party newspaper Global Times said in a commentary. It said the meetings would "draw a blueprint for reform on all fronts," aiming to improve China's governance and "resolve deep seated institutional challenges and structural issues, so as to promote high quality development and advance Chinese modernization." Chinese leaders have repeatedly said China will keep its doors open to foreign investment and improve the business environment, despite ever extending Communist Party controls over companies, social media, financial regulators and other aspects of life. "This is opposite to earlier promises and pledged reforms of further opening up of the economy and pro market policies," Teeuwe Mevissen, a senior strategist at Rabobank, said in a report. New incentives for foreign investors are a possibility, he said, as well as moves in line with Xi's call for a "common prosperity" that enables ordinary Chinese to benefit more from economic growth. Another priority is relieving the financial squeeze on local governments that have built up huge amounts of debt after a crackdown on heavy borrowing by property developers pushed the real estate industry into crisis, cutting off a vital source of tax revenues from sales of land use rights. This week's meetings are the third plenary session of the 205 member party Central committee, which began a five year term in 2022. Delayed from last year, third plenums usually set major economic and policy decisions. Past landmark plenums launched China into its ascent as a world manufacturing and financial power in an era of "reform and opening up." Economists say the odds the meeting will announce significant stimulus spending to help boost the economy are low. And details of any decisions may not come for days, if not after the party's powerful Politburo meets later this month. But the scale of problems Beijing is facing have increased the urgency for action. "Historically, the third plenum generally disappoints when it comes to the announcement of significant policy overhauls. However, this time might be different given China's mounting economic challenges," Mevissen said.