Key Party Plenum to Prioritize Reforms in Tech, Fiscal and Tax Systems, Observers Say

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The twice-a-decade meeting is usually when the party leadership rolls out important economic and political policies. Photo: Xinhua

Observers expect the Communist Party of China’s Central Committee’s ongoing third plenum in Beijing to issue directives on the country’s fiscal and tax system, state-owned enterprises, technology development, and social security.

On Monday morning, President Xi Jinping presented a work report to the highly anticipated political gathering and shared a draft of the 20th Central Committee’s decision on “further comprehensively deepening reform and advancing Chinese modernization,” according to a report from the state-run Xinhua News Agency.

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The third plenum of China’s Communist Party is expected to address fiscal and tax changes, state-owned enterprises, social security, and technology.
President Xi Jinping presented a work report and a draft decision focusing on reforms and modernizing China's governance, with deliberations continuing over four days.
Key topics include economic reform, technology development, local government debt, food and energy security, and broadening consumption taxes, aiming for socialist modernization by 2035.

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Who’s Who

Huatai Securities Co. Ltd.: Huatai Securities Co. Ltd. is an influential Chinese securities brokerage and investment banking firm. Zhang Jiqiang, vice director of its research team, notes the third plenum's focus areas include economic reform, social security, and advanced technology development. The firm provides insights on policies related to local government debt, financial risks, and essential sector reforms.

China Evergrande Group: China Evergrande Group is a prominent Chinese property developer known for its extensive real estate projects. Ren Zeping, its former chief economist, believes China will continue advancing reforms, including state-owned enterprise reform, risk mitigation, and development of the digital economy.

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What Happened When

1978：: The plenum led to China’s reform and opening up.

2013：: The plenum introduced plans to ease the country’s one-child policy.

October 2022：: The first plenum of the current Central Committee focused on leadership changes.

February 2023：: The second plenum of the current Central Committee focused on institutional reform.

June 2024：: A Politburo meeting stated that the main goal of deepening reform is to improve the socialist system with Chinese characteristics and modernize the country's governance system and capacity.

Early June 2024：: A key national political consultative body meeting mentioned areas of economic reform, including the construction of a unified national market and improvements in the income distribution and social security systems.

July 14, 2024：: Ren Zeping published an article on his WeChat account discussing China’s reform in areas such as consumption taxes, the digital economy, financial risk mitigation, and state-owned enterprise reform.

July 15, 2024：: President Xi Jinping presented a work report and shared a draft of the 20th Central Committee’s decision on 'further comprehensively deepening reform and advancing Chinese modernization' at the third plenum.

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