It will outline the 14th Five-Year Plan (2021-2025), and a medium-term strategy renamed “Vision 2035”. Xi Jinping focuses on the growth in domestic consumption to combat the effects of the pandemic and US pressures. The economic picture remains uncertain. Greater powers expected for the party general secretary.
Beijing (AsiaNews / Agencies) - The 5th Plenum of the 19th Central Committee of the Chinese Communist Party (CCP) will be held from 26 to 29 October. The Politburo made the decision yesterday, as
State news agency Xinhua reported that the Politburo made the decision yesterday.
More than 300 members of the Central Committee will participate in the event. They will establish the blueprint for the 14th Five-Year Plan (2021-2025), and a medium-term strategy renamed “Vision 2035”.
The country is facing the coronavirus emergency in a scenario of greater hostility from the outside and great economic uncertainty. Xi Jinping launched the "dual circulation" strategy, focusing on the growth of domestic consumption and technological innovation, to limit the effects of the possible "decoupling" (economic separation) from the US and the Covid-19 pandemic. According to experts, the Chinese president (and general secretary of the CCP) wants to revive the Maoist value of "autarchic self-sufficiency".
According to data published yesterday by the World Bank, after the collapse of the first quarter due to the pandemic crisis, the Chinese economy should close 2020 with a growth of 2%. The recovery is due to the injections of public spending, the resumption of exports and the apparent ability to contain the contagion. In the rest of the Asia-Pacific region, however, GDP will register a decrease of 3.5%, which will limit the prospects for a further increase in exports. For the World Bank, Chinese domestic consumption still remains at rather low levels.
The Plenum will also approve new working rules of the Central Committee. Analysts argue that this is a new move by Xi to concentrate power at the top of the Party, and therefore in his own hands.