Asia-Pacific

China’s Communist Party Sets Goal of Completing Reforms by 2029; Xi Lays Groundwork for 4th Term

Xinhua via AP
Chinese President Xi Jinping speaks at the third plenary session of the 20th Communist Party of China Central Committee in Beijing, in this photo released Thursday.

By Daisuke Kawase and Fukutaro Yamashita / Yomiuri Shimbun Correspondents

17:25 JST, July 19, 2024

BEIJING — Chinese Communist Party has set a goal of completing reforms to advance “Chinese modernization” by 2029, the 80th anniversary of the founding of the People’s Republic of China. The move came as the party wrapped up a meeting of its Central Committee on Thursday.

Chinese President Xi Jinping, whose third term will end in 2027, appears to be laying the groundwork for a fourth term in office.

At the four-day meeting, a resolution was adopted calling for China to deepen reform toward “Chinese modernization,” a development model that is premised on one-party rule, according to a statement by the state-run Xinhua News Agency. The full text of the resolution has not been made public, and specifics of the reforms are not clear, but the statement mirrors Beijing’s existing policy line. It says that “national security” provides a “pivotal foundation” for ensuring progress in Chinese modernization. Beijing is likely to further strengthen its grip such as to detect espionage.

For the economy, the Central Committee put forward a development strategy driven by innovation. It vowed that as it deepened reforms in the fiscal, tax and financial sectors, it would also implement measures to prevent and resolve risks in real estate, local government debt, and small and midsize financial institutions. This comes against a backdrop of such problems as corporate loans and mortgages becoming uncollectable due to the deterioration of the real estate market.

During the meeting, the Central Committee also approved the expulsion of two people from the party in connection to corruption within the military: former Defense Minister Li Shangfu and Li Yuchao, a former Rocket Force commander. Qin Gang, who was ousted as foreign minister last summer, was also removed from his duties as a Central Committee member after his resignation was accepted.