China’s government to unveil new reforms to halt economic slowdown

Beijing: China’s ruling Communist Party headed by President Xi Jinping will begin its four-day key economic review meeting on Monday to finalise a new set of economic reforms to revitalise the country’s economy hamstrung by the persistent slowdown that has sparked concerns at home and abroad. The meeting called the third Plenum to be attended by 376 full and alternate members of the Communist Party of China (CPC) Central Committee will meet from Monday to Thursday to primarily examine issues related to comprehensively deepening reforms and advancing Chinese modernisation, according to an official announcement earlier.

The meeting to be presided over by President Xi who also heads the party aroused global attention as the world’s second-largest economy worth $18 trillion was unable to shake off its slowdown mode, especially after the Covid-19 lockdowns. The party’s powerful Politburo presided over by Xi finalised the draft for the discussion at the Plenum, CPC’s top economic policy body on June 27. The draft has thoroughly analysed the new situations and problems in advancing Chinese modernisation and scientifically planned the overall arrangements for further deepening reforms, official media reported.

While announcing the meeting, the Politburo, in a rare admission, spoke of the grim economic outlook in the country due to insufficient demand and uncertain external environment. The meeting spoke of the difficult situation at home and abroad for Chinese enterprises. Referring to the increasing measures by the US and EU to restrict Chinese high-tech products especially electric vehicles (EVs), the meeting “cautioned against challenges, such as insufficient demand, high operation pressure facing enterprises, and an external environment that is more complicated, grimmer and more uncertain”.