Simone McCarthy
After months of unexplained delay, top officials from China’s ruling Communist Party are gathering in Beijing this week to signal the direction forward for the world’s second largest economy as it faces major economic challenges and friction with the West.
Stakes are high for the meeting, which takes place every five years and is known as China’s third plenum. It has historically been a platform for the party’s leadership to announce key economic reforms and policy directives.
China is grappling with a property sector crisis, high local government debt and weak consumer demand — as well as flagging investor confidence and intensifying trade and technology tensions with the United States and Europe.
Those challenges were underscored by its latest economic growth data, which were announced Monday. China’s gross domestic product expanded by 4.7% in the April to June months, compared to the previous year.
That represents a slowdown from the 5.3% growth reported for the first quarter and also missed the expectations of a group of economists polled by Reuters who had predicted 5.1% expansion in the second quarter.
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