(15 Jul 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Beijing, China – 15 July 2024
SOUNDBITE (English) Ken Moritsugu, Associated Press Beijing Correspondent:
“China’s Communist Party is holding a four-day meeting in Beijing this week to chart a future course to tackle the nation’s growing economic challenges. The party’s 250-member central committee typically holds seven major meetings, known as plenums, over its five year term. This is the third one, and the third plenum is closely watched because it usually sets the direction for future economic policy. The most famous one was in 1978, when the party confirmed its policy known as ‘reform and opening-up’. That launched the shift from a planned to a more free-market economy, which in turn propel China’s growth into the world’s second largest economy. Now the party faces multiple challenges: a prolonged real estate slump is weighing on economic growth, American restrictions on the access to technology is making it more difficult for companies to get key parts, tighter national security enforcement is impeding the flow of information and data. The outcome of the meeting will signal to what extent the long-ruling party will try to balance these competing priorities at it navigates what are increasingly choppy waters.”
STORYLINE:
China’s ruling Communist Party is starting a four-day meeting that is expected to lay out a strategy for self-sufficient economic growth in an era of heightened national security concerns and restrictions on access to American technology.
The meeting that begins Monday typically focuses on such long-term issues.
But business owners and investors will also be watching to see if the party announces any immediate measures to try to counter a prolonged real estate downturn and persistent malaise that has suppressed China’s post-COVID-19 recovery.
The party is also likely to consider issues of investment in high-tech industries key to national security, as well as funding social welfare for its large ageing population.
AP Video shot by Wayne Zhang
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