Has China, after long-awaited third plenum, given its market a demotion?

Quick Summary:

After assigning a decisive role’ to the market in previous meetings, this year’s third plenum communique has removed that wording, leading observers to wonder how the change will play out in policy.

To counterbalance these points of tension, the communique read, China should “strive to play a leading role in global governance”, “actively work to foster a favourable external environment” and “enhance the resilience of industrial and supply chains”.

Denis Depoux, global managing director at German consultancy Roland Berger, said the new terminology indicates a modified outlook rather than a sea change.“Let’s not over-interpret the absence of the word ‘decisive role’”, he said.“Commitment to marketisation is clear, even in sectors close to strategic national interests.[There will be] more party and government intervention.[But] intervention is back for similar reasons in truly capitalist economies.

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Article Details

Author / Journalist: Ji Siqi

Category: Business

Markets: Hong KongChinaSingaporeUnited States

Topics: China’s Plenum China Role Economic Government Cent Growth Communique Third Market

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-19 @ 10:00:27 (7 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 1178 words

Reading Time: 7 minutes read

Sentences: 31 lines

Sentence Length: 38 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21679943

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