Businesses and investors should keep their eyes on China’s actions after the third plenum concluded without surprises. Perhaps the most telling sign is that the party specified a timeline to achieve the reforms, says Penta Group’s Hong Kong managing director Thomas Kwan.
Members of the Politburo Standing Committee attend the third plenary session of the 20th Communist Party of China Central Committee held from Jul 15 to 18 in Beijing. closed-door meeting led by President Xi Jinping
Despite its economic challenges, China seems more cognisant that any drastic measures may introduce volatility and potentially derail plans in achieving its 5 per cent growth target for 2024.A long-term shift is what the world’s second-largest economy is gunning for, when the drivers of its meteoric rise have been slowing down.in the second quarter this year, among its slowest growth in recent years. When combined with the first quarter data of 5.
In addition, the aim of unleashing the consumption power of people in rural areas and giving them access to urban public services may have a trickle effect on boosting overall consumer demand in the country. For tech companies, the emphasis on innovation and self-reliance is a double-edged sword: It opens up opportunities for growth, but the absence of detailed policies on funding and regulatory support needed to make informed investment decisions can hinder long-term planning.
Consumer goods companies involved in export-import activities face uncertainty regarding tariffs, trade agreements, and market access, impacting their global operations.There are useful policies that are already in place, such as the Real World Evidence programmes for medical technology companies entering China.
For instance, the plenum proposed deeper reforms of its railway system and further develop the “low-altitude economy” . This means demand for renewable energy will likely increase. The need to secure the supply chain in the production of these assets would be critical.
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