The Chinese economy is burdened by, for example, the crisis in the real estate sector, high youth unemployment and the debt burdens of regional governments.
China’s ruling Communist Party will meet today in Beijing for a meeting to outline the country’s economy. The meeting, called the third plenary session, will continue until Thursday.
The Chinese economy is burdened by, for example, the crisis in the real estate sector, high youth unemployment and the debt burdens of regional governments. In addition, the country tried to rise after the corona pandemic with the strength of domestic consumption, but weak consumer confidence in the economy has held back consumption.
In addition to putting out the immediate economic fires, China has to solve the problem of the graying of society. The population is getting older – and also decreasing, as the year 2023 was already the second year in a row in which fewer people were counted in the country than the year before.
The third plenary session will be held at a different time. Usually, the session is organized a year after the party meeting, when the meeting should have been held last fall.
Expert assessments have considered whether China expected the economic situation to improve before organizing the meeting. This year, according to international estimates, the development of the country’s gross domestic product has been in line with China’s self-estimated five percent growth target.
The third plenary session has an iconic status. The 1978 meeting concluded Mao Zedong’s economic policy of the time and declared China’s period of opening up.