Analysts noted that the recent policy outcomes in China were largely as expected, with no major shifts in direction. The third plenum emphasized the need to maintain current growth targets while balancing economic security with market forces. China’s economic growth in the first half of the year aligns with its annual target of around 5%.
The plenum focused on long-term goals while reiterating the importance of meeting short-term GDP targets. Emphasis was placed on areas such as domestic consumption, technology, and green development. Reform in various sectors was also highlighted, including supply-side reform and enhancing human capital.
While the market’s role in the economy was emphasized, the communique omitted granting the market a “decisive role.” Western firms in China expressed disappointment over the lack of specific measures to improve the business climate.
Looking ahead, China aims to develop a quality workforce by 2029 and prioritize science education and innovation. Overseas enterprises are cautious, awaiting clarity on future reforms.
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