FRANCESCO SISCI
China’s recently concluded Party Plenum took inspiration from ancient philosophers to solve its modernization drive. It is a bold and ambitious move that could change the country and the world. Will it work?
Last week, the 2024 Party Plenum issued its decisions concentrating on the economy. In a nutshell, the plan was to unify the internal market, better protect property rights, improve the fiscal system and clarify responsibilities between central and local administrations.
Then, it called on Chinese Communist Party (CCP) members to implement decisions proactively and creatively. The Party bets that these changes will help stimulate the economy’s sagging performance. Indeed, there is much room for improvement and even a marginal enhancement could give China’s massive productive capacity breathing room.
Yet, the Third Plenum was not just about the economy. A few hours earlier, it issued a far more innovative communiqué. China is thinking big – the Communist Party is pushing for a massive organizational drive.
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