• Sun. Jun 23rd, 2024

China’s Economic Crossroads: Navigating Critiques and Successes Ahead of Third Plenum

BySamantha Nguyen

Jun 11, 2024
Xi’s Ambition: China’s Economy Must Expand Further

In recent months, China has announced that it will be hosting the third plenary session of the 20th Central Committee. This meeting is highly anticipated as it is typically linked to significant economic reforms or policy announcements. The postponement of the Third Plenum in 2023 raised concerns about the Chinese Communist Party’s unity under President Xi Jinping concerning economic policy. These uncertainties arose following the lackluster performance of the Chinese economy after Xi lifted his “Zero Covid” policy in late 2022.

Currently, there are conflicting views on China’s economy in the media outside of China. Some perspectives highlight structural issues and policy missteps that have plagued Xi’s administration, such as low economic growth, high unemployment, weak consumption, demographic challenges, and a lack of confidence in the future. On the other hand, another viewpoint emphasizes China’s successes in manufacturing, especially in sectors like solar and electric vehicles, achieved through industrial policy and state-led development. China’s advancements in these areas pose a threat to capitalist economies.

Both narratives mention overcapacity and export surpluses as crucial elements connecting the negative and positive aspects of China’s economy. The country’s reliance on export-driven manufacturing due to a lack of domestic consumption indicates a need for a shift in economic policy.

Despite highlighting different aspects of China’s political economy, these media narratives are interdependent and shed light on the complexities of China’s economic challenges and successes.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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