CHINA

Caixin Explains: Five-Year Reform Plan Laid Out by Communist Party’s Third Plenum

Published: Jul. 19, 2024 8:54 p.m. GMT+8

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The Central Committee of the Communist Party of China holds a press conference on Friday, in Beijing. Photo: VCG

China’s top leadership has spelled out its reform framework for the country for the next five years, revealing policy directives in areas including the economy, technology and household registration.

Economic reform is the spearhead of a resolution comprising over 300 reform measures adopted at the Communist Party of China (CPC) Central Committee’s Third Plenum this week, a senior CPC official said at a press conference Friday.

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China’s reform framework includes over 300 measures focusing on economic, technological, and household registration reforms.
Economic reforms aim to enhance fiscal relations, support innovation, and improve market structures; societal reforms focus on urban-rural integration and improving public services.
Technological reforms target upgrading traditional industries, fostering new productive forces, and enhancing talent development in higher education.

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What Happened When

July 18, 2024：: The twice-a-decade meeting of the CPC Central Committee wrapped up, releasing a statement regarding the reforms aimed to be completed by 2029.

July 19, 2024：: A press conference was held by a senior CPC official outlining the reform framework and key areas of reform approved during the Third Plenum of the CPC Central Committee held earlier in the week.

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