91download.com supports a wide range of platforms, including YouTube, Facebook, Twitter, TikTok, Instagram, Dailymotion, Reddit, Bilibili, Douyin, Xiaohongshu and Zhihu, etc. Click the download button below to parse and download the current video
、As China's ruling elite convene in Beijing for the long-awaited Third Plenum, all eyes are on whether significant economic reforms will emerge. With the world's second-largest economy facing multiple challenges, from a real estate crisis to high youth unemployment, government debt, and trade and geopolitical tensions, the need for bold action is urgent.
But will the plenum deliver?
The meeting, held every five years to chart the course of the country's long-term social and economic policies, is shrouded in secrecy. However, one topic is sure to be on the table: China's economic slowdown. Fueled by weak consumer demand, a melting down property sector, and mounting local government debt, China's growth rate has hit its slowest since the first quarter of 2023.
Clearly, a shift is needed. Could this mean a more prominent role for the private sector, as President Xi Jinping has suggested? While the idea of harnessing "New Quality Productive Forces" – essentially, a plan to build high-tech factories with robots and automated machines to fill labor shortages – sounds promising, past plenums have promised similar measures that remain incomplete.
DW's China analyst Clifford Kunan joins us to shed light on these issues. "The messaging we've been seeing from this plenum emphasizes the private sector," he says, "but it doesn't match the reality in many ways. In recent years, we've seen more focus on the state sector and a clampdown on the private sector."
Indeed, tycoons like Jack Ma from Alibaba have disappeared for years due to being "off message," indicating a crackdown on private enterprise. So, where does this leave China's economic future?
Structural issues loom large, with government debt being a major concern. Local governments have racked up enormous debts, some economists estimate up to 11 trillion dollars – about twice the size of the central government debt. With such vast financial obligations, encouraging growth becomes increasingly difficult.
As the plenum wraps up, it remains to be seen whether bold decisions will be made to address these challenges. Will China embrace a new development model that strengthens the consumer sector and shifts asset ownership from the public to the private sector? Or will it continue to rely on the state sector, perpetuating the current economic slowdown?
Only time will tell, but one thing is certain: China stands at an economic crossroads, and the choices made at this plenum will shape its future for decades to come.
Share on Twitter Share on Facebook
Comments
There are currently no comments
New Comment