Plenum Explained 4: Beijing to Bolster Industrial Chains, Promote Private Sector

A resolution adopted at the Communist Party Central Committee’s twice-a-decade meeting lays out a reform framework at a time when economic growth is slowing

Chinese-made microchips get promoted at the World Artificial Intelligence Conference in Shanghai on July 5. Photo: VCG

China’s top leadership has revealed a plan to deepen reforms to boost foreign trade, promote the private economy and bolster the security of the country’s industrial and supply chains, following a key political gathering.

The Communist Party of China’s Central Committee adopted the resolution at its Third Plenum — a twice-a-decade meeting of committee members that sets out China’s reform framework for the next five years — which concluded Thursday in Beijing.

The resolution — which includes measures to further attract fresh foreign investment and set the private and state-owned sectors on a level playing field — comes at a time when the world’s second-largest economy is grappling with slowing growth, dragged down by weak domestic demand and a prolonged real estate slump.

Chinese companies, especially major exporters, are also feeling the impact of tighter trade restrictions by the U.S. and the EU, which are aiming to limit Beijing’s access to advanced technology while reducing their dependence on Chinese imports.

Here’s what you need to know about how the deepening reform measures could help China tackle these challenges.

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