Senior officials from China’s ruling Communist Party (CCP) are gathering in Beijing to discuss strategies for steering the country’s economy forward. China, the world’s second-largest economy behind the United States, faces increased challenges amid Western scrutiny, a crisis in the property sector, high local government debt, and weak consumer demand.
Recently released government data revealed that the country’s GDP expanded by 4.7% from April to June compared to the previous year. This represents a slowdown from the 5.3% growth reported after the first quarter.
The plenum meeting, which will see about 200 members of the party’s Central Committee leadership body and 170 alternate committee members gathering in Beijing, aims to approve a document outlining a plan for “deepening reform” and advancing “Chinese-style modernization.” In the past, these plenum meetings have been revolutionary, resulting in the opening of Chinese borders for trade and the scrapping of the infamous one-child policy. However, political observers do not believe that the ongoing meeting could change any policy.
