China’s Politburo warns of economic risks as Communist Party readies for third plenum

The Central Committee will gather for third plenary session in July

Announcing the conclave, Politburo highlights the ferocity of international competition and risks ‘lurking in key areas’ of the economy

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China’s Communist Party holds seven plenary sessions during the Central Committee’s five-year cycle, and the third plenum is widely considered to be the most important as it sets the economic direction for five to 10 years. Photo: Xinhua

William Zhengin Hong KongandFrank Chenin Shanghai

Published: 3:08pm, 30 Apr 2024Updated: 9:01pm, 30 Apr 2024

The elite of China’s ruling Communist Party will meet in July for the party’s long-awaited third plenary session, a gathering that is expected to shed light on the country’s general economic direction amid intense external challenges.

The decision was made at a meeting of the Politburo, the party’s 24-man decision-making body, on Tuesday, with members highlighting the ferocity of international competition and risks “lurking in key areas” of the economy.

The Politburo said the country needed to advance reforms and gain a strategic advantage against those overseas competitors.

“The complexity, severity and uncertainty of the external environment have spiked,” it said, according to a statement released by state news agency Xinhua.

The session, also known as a plenum, traditionally sets economic strategy for the next five to 10 years and is often seen as the most important of the seven party gatherings held over the Central Committee’s five-year cycle.

The meeting, which will span up to five days, will be attended by the 376 full and alternate members of the new Central Committee.

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