The Communist Party’s leadership will hold its Third Plenum in July, a meeting that has historically served as a forum for high-level decisions on economic issues. As China’s government has struggled to execute a successful economic strategy since emerging from the pandemic, there are many hopes that this Third Plenum will provide some new breakthroughs on policy.
Such hopes have been disappointed before: the Third Plenum of 2013, held the year after Xi Jinping assumed the top leadership posts, was initially lauded for its reformist signals, such as the call for the market to take a “decisive” role in resource allocation. But it quickly became clear that Xi’s new vision had little to do with that of market-oriented reformers, and that the plenum document was not driving the actual direction of policy (see Making Sense Of China’s Reform Strategy).
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