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President Xi Jinping chairs a conclave to expand a new economic program. The stakes are high, but expectations for adjustments are modest.
By Chris Buckley and Keith Bradsher
Chris Buckley, who was the first in a third plenum in 1998, reported from Taipei, Taiwan. Keith Bradsher reported from Beijing.
Xi Jinping, the Chinese leader, and about 370 other Communist Party officials will meet this week in Beijing, far from public view, to discuss a plan to lift the world’s second-largest economy out of its malaise.
Xi will sit in front of a convention hall, likely at the Jingxi Hotel, a 60-year-old establishment with Soviet-style architecture. The party loyalists in front of him will almost certainly applaud his plans at the four-day assembly that has begun. Monday and a draft proposal will be presented to “further deepen the reform. “
The Chinese media has tried to create rumors around Xi’s plans, but the real check may come later, as any policy adjustment has an impact on the ranks of government. Success or failure will depend largely on Xi’s ability to regain the acceptance of the Chinese population, as well as foreign investors, disillusioned by his policies.
Chinese businesses and consumers have suffered in recent years from faltering growth, a collapse in the real estate sector and public debt. On Monday morning, China released data indicating a sharp slowdown in economic growth.
“A lot of uncertainty is fueling very weak sentiment from customers and investors,” Bert Hofman, the World Bank’s former country director for China, said in a speech this month about the meeting. “This is a time when China wishes to show its cards. “
Party leaders are orchestrating the conclave – the so-called Third Plenum of the Central Committee – as a step to promote what Xi calls “high-quality” growth. In history, the Third Plenary Meetings, named for their position in the committee’s five-year cycle of sessions, were when Chinese leaders like Deng Xiaoping generated enthusiasm for their modernization goals.
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