The Plenum’s communique is a clear endorsement of Xi’s strategic blueprint.
The recently concluded Third Plenum of the Central Committee of the Communist Party of China (CPC) in Beijing has once again underscored the unwavering commitment of the Chinese leadership to President Xi Jinping’s vision for the nation’s future. The initial announcement, laden with political slogans and scant on specifics, signals a steadfast adherence to the current trajectory, with minor policy adjustments but no significant deviations.
The Plenum’s communique is a clear endorsement of Xi’s strategic blueprint. The emphasis on “new quality productive forces” and the technological upgrading of the real economy highlights the leadership’s focus on innovation and modernization. However, this directive places increasing pressure on scientists and technology companies to balance the dual demands of pioneering fundamental breakthroughs and delivering practical industrial applications. The scarcity of resources and the conflicting key performance indicators (KPIs) for local cadres may exacerbate this tension.
The Chinese leadership is doubling down on its narrative that the country is on the right path. Despite facing short-term economic challenges, the leadership remains resolute in its long-term policy objectives. This approach signifies a shift towards greater party control and reduced market influence, reflecting a broader trend of centralization under Xi’s administration.
In line with this vision, the party-state media has announced that over 300 reform measures will be unveiled in the coming days. These reforms are expected to further entrench the party’s control over various aspects of the economy and society, reinforcing the centralization of power and the prioritization of state-led development.
As China navigates its complex economic landscape, the outcomes of these reforms and the ability of the leadership to manage the inherent tensions between innovation and application will be critical. The Third Plenum has set the stage for the next phase of China’s development, one that will be closely watched by both domestic and international observers.
The Dalai Lama’s nephew, Khedroob Thondup is a geopolitical analyst.