Chinese leader Xi Jinping at a huge meeting of the ruling Communist Party, a major, unprecedented speech on the opening day. In his work report, he sketched a blueprint, or recess plan, to establish the course for China over the coming five years. This four-day meeting, attended by approximately 200 voting members and 170 alternate members of the Central Committee, seeks to approve goals that will guide the nation’s economic and social policies.
The draft five-year plan now moves towards approval. Still, we probably won’t know the full measure’s contents until the legislature’s next regular session convenes in mid-March. This timeline has raised questions about the extent of transparency surrounding the plan’s specifics and its implications for China’s future.
China today is dealing with a host of accumulating conundrums, led by a faltering economy that’s already showing indications of long-term lethargy. Foreign restrictions on access to advanced technologies make the nation’s economic picture all the more complicated. Elevated tariffs on Chinese exports to the United States present even greater challenges to the promise of a fortifying bilateral trade relationship. These barriers impede national economic growth and prosperity.
The Central Committee meeting was significant for a high-profile change in leadership, with eight members expelled from the party. This reshuffle creates opportunities for new replacements to be named, reaffirming the dynamic nature of China’s shifting political landscape.
Given all of these challenges, it was against this backdrop that Xi Jinping asserted the claim of resilience and adaptability. He acknowledged that “there will be hardships and obstacles on our way forward, and we may encounter major tests,” a sentiment echoed in an editorial by Xinhua, the state-run news agency.
“There will be hardships and obstacles on our way forward, and we may encounter major tests.” – Xinhua editorial
China’s new five-year plan will be one of the most important pieces of policy as the country steers a course through these stormy waters. The Communist Party wants to deal with urgent economic challenges but pursue systemic innovation and development in the face of external difficulties.
