Third Plenary Session to be Held in July; Fatah and Hamas Hold Talks in Beijing
Third Plenary Session to be Held in July; Fatah and Hamas Hold Talks in Beijing
Changes in the language of official documents reveal Beijing's shifting attitude towards consumption
Third Plenary Session of the CPC Central Committee to be Held in July
According to Chinese state media Xinhua, The Political Bureau of the CPC Central Committee convened a meeting on April 30th and decided to hold the Third Plenary Session of the 20th CPC Central Committee in Beijing this July. The main agenda is for the Political Bureau of the CPC Central Committee to report its work to the Central Committee, with a focus on further comprehensively deepening reform and advancing Chinese-style modernization.
My friend
saw deepening reform ahead in his substack in early March.
Some interesting points of the official document:
Important sequence change:
In Chinese official documents, sequence matters. In today’s document, it breaks the convention of putting production ahead of consumption. It first talked about expanding domestic consumption and the massive plan for large-scale trade-in of consumer goods to stimulate consumption. After that, the document then talked about the new quality productive forces. I’ve talked with some Chinese policy watchers, and they believe that this change in sequence may indicate a broader policy shift. By prioritizing the discussion of consumption over production, the Chinese government may suggest that it now emphasizes consumption-driven economic growth more than the traditional focus on production-driven growth.
Emphasize developing new quality productive forces “according to local conditions.”
Zhong Huiyong, an associate professor at the School of Finance and the deputy director of the Financial Development Research Institute at Shanghai University of International Business and Economics, told The Paper that developing new quality productive forces according to local conditions emphasizes that the development of new quality productive forces cannot follow the traditional industrial development model, where all localities rush to develop without considering their actual situations. This development model is unsustainable and will not only put serious pressure on local finances but also lead to inefficient resource allocation.
“Venture Capital” and “Patient Capital”
The document states that
It is necessary to strengthen the layout of national strategic scientific and technological forces, foster and expand emerging industries, make forward-looking arrangements for the development of future industries, and use advanced technologies to empower the transformation and upgrading of traditional industries. We should actively develop venture capital and expand patient capital.
according to Xi’s speech database made by Renmin, it’s the first time he stressed “patient capital.”
Full-text readout
Reform and opening up is an effective instrument for the cause of the Party and the people to make great strides in keeping up with the times, the meeting said.The current and future period is a critical period for comprehensively advancing the construction of a strong country and the great cause of national rejuvenation through Chinese-style modernization. Facing the complex international and domestic situations, the new round of technological revolution and industrial transformation, and the new expectations of the people, we must continue to push reform forward. This is an inevitable requirement for upholding and improving the socialist system with Chinese characteristics, advancing the modernization of the national governance system and governance capabilities, implementing the new development concept, better adapting to the changes in the main contradictions in Chinese society, adhering to the people-centered approach, allowing the fruits of modernization to benefit all people more equitably, responding to major risks and challenges, promoting the steady and far-reaching development of the Party and the country's cause, promoting the building of a community with a shared future for mankind, winning strategic initiative in the increasingly fierce international competition, and solving the unique problems of a large party and building a stronger Marxist party. The whole Party must consciously place reform in a more prominent position and focus on further comprehensively deepening reform to promote Chinese-style modernization.
The meeting emphasized that to further comprehensively deepen reform, we must adhere to Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory, the important thought of the "Three Represents," the Scientific Outlook on Development, and fully implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. We must deeply study and implement General Secretary Xi Jinping's series of new ideas, new perspectives, and new assertions on comprehensively deepening reform, completely, accurately, and comprehensively implement the new development concept, adhere to the general principle of pursuing progress while ensuring stability, further emancipate the mind, liberate and develop social productive forces, liberate and enhance social vitality, coordinate the overall domestic and international situations, coordinate the promotion of the overall layout of the "five-sphere integrated plan," coordinate the promotion of the strategic layout of the "four comprehensives," take economic system reform as the lead, take promoting social fairness and justice and enhancing people's well-being as the starting point and foothold, pay more attention to systematic integration, pay more attention to highlighting key points, pay more attention to the actual effect of reform, promote better adaptation of production relations and productive forces, the superstructure and the economic base, national governance and social development, and provide strong momentum and institutional guarantees for Chinese-style modernization.
The meeting pointed out that since the beginning of this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments have worked hard to manage the economy, consolidate and enhance the momentum of economic recovery and improvement, increase positive factors in economic operation, continuously enhance momentum, improve social expectations, solidly promote high-quality development, and show the characteristics of rapid growth, optimized structure, and improved quality and efficiency, achieving a good start for the economy.
The meeting pointed out that the continued economic recovery and improvement still face many challenges, mainly insufficient effective demand, greater pressure on business operations, more risks and hidden dangers in key areas, insufficient smoothness in the domestic circulation, and a significant increase in the complexity, severity, and uncertainty of the external environment. At the same time, it must be seen that China's economy has a stable foundation, many advantages, strong resilience, and great potential. A good start and recovery and improvement are the basic characteristics and trends of the current economic operation, and we should increase our confidence in doing a good job in economic work.
The meeting emphasized the need to earnestly implement the spirit of the Central Economic Work Conference and the National Two Sessions, adhere to the general principle of pursuing progress while ensuring stability, completely, accurately, and comprehensively implement the new development concept, accelerate the construction of a new development pattern, focus on promoting high-quality development, adhere to riding the momentum, avoid tightening first and then loosening, and effectively consolidate and enhance the momentum of economic recovery and improvement.
The meeting pointed out the need to make efforts in advance to effectively implement the determined macro policies and implement the proactive fiscal policy and prudent monetary policy well. It is necessary to issue and make good use of ultra-long-term special government bonds as soon as possible, accelerate the pace of issuance and use of special bonds, maintain the necessary intensity of fiscal expenditures, and ensure that "three guarantees" at the grassroots level are paid in full and on time. It is necessary to flexibly use policy tools such as interest rates and deposit reserve ratios to increase support for the real economy and reduce the overall cost of social financing. It is necessary to conduct consistency assessments of macro policy orientations and strengthen expectation management. It is necessary to actively expand domestic demand and implement the action plan for large-scale equipment renewal and the trade-in of consumer goods. It is necessary to create more consumption scenarios to better meet the diversified and high-quality consumption needs of the people. It is necessary to deeply promote people-oriented new-type urbanization and continue to release consumption and investment potential. It is necessary to implement the new mechanism for government and social capital cooperation and fully stimulate the vitality of private investment.
The meeting emphasized the need to develop new quality productive forces according to local conditions. It is necessary to strengthen the layout of national strategic scientific and technological forces, foster and expand emerging industries, make forward-looking arrangements for the construction of future industries, and use advanced technologies to empower the transformation and upgrading of traditional industries. It is necessary to actively develop venture capital and expand patient capital.
The meeting pointed out the need to unswervingly deepen reform and expand opening up, build a unified national market, and improve the basic system of the market economy. It is necessary to actively expand the export of intermediate goods, service trade, digital trade, and cross-border e-commerce, support private enterprises in expanding overseas markets, and increase efforts to attract and utilize foreign investment.
The meeting emphasized the need to continue to prevent and resolve risks in key areas. It is necessary to continue to adopt city-specific policies, consolidate the responsibilities of local governments, real estate companies, and financial institutions, and earnestly do a good job in ensuring the delivery of homes and protecting the legitimate rights and interests of home buyers. It is necessary to comprehensively study policy measures to digest existing housing stock and optimize incremental housing in combination with the new changes in the supply and demand relationship in the real estate market and the new expectations of the people for high-quality housing, and accelerate the construction of a new model for real estate development to promote the high-quality development of real estate. It is necessary to deeply implement the plan for resolving local government debt risks, ensure that provinces and cities and counties with high debt risks truly reduce debt while maintaining stable development. It is necessary to continue to promote the reform and risk resolution of small and medium-sized financial institutions and take multiple measures to promote the healthy development of the capital market.
The meeting pointed out the need to solidly promote green and low-carbon development. It is necessary to earnestly implement the action plan for continuous improvement of air quality, strengthen the clean and efficient utilization of coal and the consumption and utilization of renewable energy, continue to carry out the "ten actions for carbon peaking" with strength, and accelerate the construction of a recycling system for waste materials.
The meeting emphasized the need to effectively ensure and improve people's livelihood, highlight the orientation of giving priority to employment, promote the income increase of middle- and low-income groups, and weave a tight and solid social security net. It is necessary to consolidate and expand the achievements in poverty alleviation and solidly promote rural revitalization in all aspects. It is necessary to do a good job in work safety and promote the upgrading and renovation of work safety infrastructure. Leading cadres at all levels must strictly abide by political discipline, resolutely implement the decisions and plans of the Party Central Committee, and continuously create a new situation in high-quality development.
The meeting pointed out that promoting the integrated development of the Yangtze River Delta is a major strategic decision made by the Party Central Committee with Comrade Xi Jinping at its core. It is necessary to deeply understand the strategic intentions of the Party Central Committee, promote greater breakthroughs in the integrated development of the Yangtze River Delta should be achieved, and its role in pioneering, leading, and radiating should be better played.
The meeting emphasized the need to always focus on the two key points of integration and high quality, and strive to promote the key tasks of the integrated development of the Yangtze River Delta. It is necessary to accelerate breakthroughs in key core technologies, coordinate the upgrading of traditional industries, the expansion of emerging industries, and the cultivation of future industries, and jointly build innovation chains, industrial chains, and supply chains in a wider range. It is necessary to accelerate the improvement of systems and mechanisms, break down administrative barriers, improve policy coordination, and promote the expansion of integration to a deeper level and a wider field. It is necessary to take the lead in alignment with high-standard international economic and trade rules, actively promote high-level coordinated opening up, and shape new advantages in a higher-level open economy. It is necessary to adhere to bottom-line thinking, balance development and security, and strengthen joint protection and joint governance of the ecological environment and regional green development cooperation. The Central Leading Group for Regional Coordinated Development should strengthen overall coordination, relevant departments should increase support, Shanghai should better play a leading role, and the three provinces of Jiangsu, Zhejiang, and Anhui should each play to their strengths and gather strong work forces to continuously write a new chapter in the integrated development of the Yangtze River Delta.
The meeting also studied other matters.
Fatah and Hamas Hold Talks in Beijing
In today's regular press conference, the spokesperson for the Ministry of Foreign Affairs confirmed that Fatah and Hamas held consultations in Beijing.
Spokesperson Lin Jian introduced that at the invitation of the Chinese side, representatives of Fatah and Hamas recently came to Beijing for consultations. They engaged in candid dialogue to promote internal Palestinian reconciliation. Both sides fully expressed their political willingness to achieve reconciliation through dialogue and consultation, discussed many specific issues, and made positive progress. They unanimously agreed to continue this dialogue process and strive for the unity of Palestine at an early date.
"Both sides highly appreciated China's firm support for the just cause of the Palestinian people to restore their legitimate national rights and thanked China for its efforts to promote internal unity among Palestinians. They also reached a consensus on the vision for the next step of dialogue," Lin said.
According to the Aljazeera report, both sides stressed that their efforts towards unity would be within the framework of the Palestine Liberation Organization (PLO), with all Palestinian forces and factions joining it.
About Gaza War:
Both sides emphasized that the Palestinian position on the Gaza Strip war issue is consistent, stressing the importance of stopping the genocidal war, completely withdrawing the occupying forces from the Gaza Strip, and coordinating the efforts of various countries to provide emergency aid and relief to the Gaza Strip.