{"id":75504,"date":"2024-07-29T12:50:34","date_gmt":"2024-07-29T16:50:34","guid":{"rendered":"https:\/\/ccbc.com\/?p=75504"},"modified":"2024-07-31T11:26:25","modified_gmt":"2024-07-31T15:26:25","slug":"beijing-dispatch-summary-of-the-2024-third-plenary-session","status":"publish","type":"post","link":"https:\/\/ccbc.com\/zh-hans\/ccbc-insights\/beijing-dispatch-summary-of-the-2024-third-plenary-session\/","title":{"rendered":"Beijing Dispatch: Summary of the 2024 Plenum and Key Takeaways"},"content":{"rendered":"[et_pb_section fb_built=”1″ disabled_on=”on|on|on” admin_label=”section” _builder_version=”4.16″ disabled=”on” global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ fullwidth=”on” disabled_on=”on|on|off” _builder_version=”4.16″ background_image=”https:\/\/ccbc.com\/wp-content\/uploads\/2019\/06\/education-header.jpg” custom_padding=”||75px|” z_index_tablet=”500″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” global_colors_info=”{}”][et_pb_fullwidth_post_title author=”off” comments=”off” featured_image=”off” text_color=”light” disabled_on=”off|off|” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center” custom_padding=”50px|||” global_colors_info=”{}”][\/et_pb_fullwidth_post_title][et_pb_fullwidth_code _builder_version=”4.26.0″ z_index_tablet=”500″ global_colors_info=”{}”]<\/p>\n
By David Perez-Des Rosiers<\/font><\/a> – Director, Beijing Chapter<\/i><\/span><\/span><\/center><\/div>\n[\/et_pb_fullwidth_code][\/et_pb_section][et_pb_section fb_built=”1″ fullwidth=”on” disabled_on=”||on” _builder_version=”4.16″ background_image=”https:\/\/ccbc.com\/wp-content\/uploads\/2019\/06\/education-header.jpg” custom_padding=”||75px|” z_index_tablet=”500″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” global_colors_info=”{}”][et_pb_fullwidth_post_title author=”off” comments=”off” featured_image=”off” text_color=”light” disabled_on=”off|off|” admin_label=”Fullwidth Post Title – mobile ” _builder_version=”4.16″ title_font_size=”18px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center” custom_padding=”50px|||” title_font_size_tablet=”” title_font_size_phone=”” title_font_size_last_edited=”on|tablet” z_index_tablet=”500″ title_text_shadow_horizontal_length_tablet=”0px” title_text_shadow_vertical_length_tablet=”0px” title_text_shadow_blur_strength_tablet=”1px” meta_text_shadow_horizontal_length_tablet=”0px” meta_text_shadow_vertical_length_tablet=”0px” meta_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” text_shadow_horizontal_length_tablet=”0px” text_shadow_vertical_length_tablet=”0px” text_shadow_blur_strength_tablet=”1px” global_colors_info=”{}”][\/et_pb_fullwidth_post_title][et_pb_fullwidth_code _builder_version=”4.26.0″ z_index_tablet=”500″ global_colors_info=”{}”]\n
By David Perez-Des Rosiers<\/font><\/a> – Director, Beijing Chapter<\/i><\/span><\/span><\/center><\/div>\n[\/et_pb_fullwidth_code][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ background_color=”rgba(58,88,114,0.12)” z_index_tablet=”500″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ z_index_tablet=”500″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Article” _builder_version=”4.26.0″ width=”90%” module_alignment=”center” z_index_tablet=”500″ text_text_shadow_horizontal_length_tablet=”0px” text_text_shadow_vertical_length_tablet=”0px” text_text_shadow_blur_strength_tablet=”1px” link_text_shadow_horizontal_length_tablet=”0px” link_text_shadow_vertical_length_tablet=”0px” link_text_shadow_blur_strength_tablet=”1px” ul_text_shadow_horizontal_length_tablet=”0px” ul_text_shadow_vertical_length_tablet=”0px” ul_text_shadow_blur_strength_tablet=”1px” ol_text_shadow_horizontal_length_tablet=”0px” ol_text_shadow_vertical_length_tablet=”0px” ol_text_shadow_blur_strength_tablet=”1px” quote_text_shadow_horizontal_length_tablet=”0px” quote_text_shadow_vertical_length_tablet=”0px” quote_text_shadow_blur_strength_tablet=”1px” header_text_shadow_horizontal_length_tablet=”0px” header_text_shadow_vertical_length_tablet=”0px” header_text_shadow_blur_strength_tablet=”1px” header_2_text_shadow_horizontal_length_tablet=”0px” header_2_text_shadow_vertical_length_tablet=”0px” header_2_text_shadow_blur_strength_tablet=”1px” header_3_text_shadow_horizontal_length_tablet=”0px” header_3_text_shadow_vertical_length_tablet=”0px” header_3_text_shadow_blur_strength_tablet=”1px” header_4_text_shadow_horizontal_length_tablet=”0px” header_4_text_shadow_vertical_length_tablet=”0px” header_4_text_shadow_blur_strength_tablet=”1px” header_5_text_shadow_horizontal_length_tablet=”0px” header_5_text_shadow_vertical_length_tablet=”0px” header_5_text_shadow_blur_strength_tablet=”1px” header_6_text_shadow_horizontal_length_tablet=”0px” header_6_text_shadow_vertical_length_tablet=”0px” header_6_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” global_colors_info=”{}”]\n

Why was it <\/strong>highly<\/strong> anticipated?\u00a0
<\/strong>China\u2019s Third Plenums, held roughly once every five years, have been pivotal in shaping the country\u2019s economic and political direction. These meetings are often synonymous with significant reform policies that create new business opportunities and are crucial for setting the tone of China\u2019s policy direction. Notable past plenums include the 1978 session that initiated the \u201cReform and Opening Up\u201d policy, which marked the beginning of China\u2019s transition from a centrally planned economy to a more market-oriented one, spurring economic growth and increased foreign investment.<\/p>\n

 <\/p>\n

The July 2024 Plenum focused on pursuing \u201cChinese-style\u201d modernization, promoting innovation, green energy, and consumption as primary growth drivers. The aim is to integrate real and digital economies, and to inject new production factors into traditional businesses. These initiatives are designed to help China navigate economic risks and headwinds, with structural reform being a priority.<\/p>\n

 <\/p>\n

Third Plenum in a nutshell: Key <\/strong>takeaways<\/strong> for business<\/strong>es
<\/strong>The 2024 Plenum introduced several policy shifts to boost business opportunities and create a more open economy.<\/p>\n

 <\/p>\n

International<\/strong> cooperation<\/strong><\/p>\n

    \n
  • Strategic initiatives:<\/strong>\u00a0Implement strategic initiatives to cope with intense international competition and adjustments in trade policies\u00a0to better manage global trade dynamics.<\/li>\n
  • Risk mitigation:<\/strong>\u00a0Improve the institutional framework to prevent and mitigate risks.<\/li>\n<\/ul>\n

    Financial policy<\/strong><\/p>\n

      \n
    • Macroeconomic strengthening:<\/strong>\u00a0Boost consumption and investments by cutting key interest rate benchmarks.<\/li>\n
    • Open economy:<\/strong>\u00a0Commitment to build a higher-standard open economy.<\/li>\n
    • Financial regulation:<\/strong>\u00a0Enhance financial regulation to prevent systemic risks and improve financial system stability.<\/li>\n<\/ul>\n

      Foreign investments<\/strong><\/p>\n

        \n
      • Industry catalog<\/strong>ue<\/strong> expansion:<\/strong> Increase the catalogue of industries to encourage foreign investments and reform of outbound and inbound investment systems.\u00a0MOFCOM reported an increase of 19.2% year-on-year in new foreign-invested enterprises with 16,805 established in the first four months of the year.<\/li>\n
      • Access and restrictions:<\/strong>\u00a0Reduction of items on the negative list for\u00a0foreign investment access\u00a0and removal of restrictions on foreign investment in the manufacturing sector.<\/li>\n
      • Sectoral opening:<\/strong>\u00a0Broader access in the telecommunications, education, culture, and healthcare sectors.<\/li>\n
      • Market access:<\/strong>\u00a0Offer fairer market access by removing restrictions and ensuring equal competition for economic entities of different ownership structures.<\/li>\n
      • Intellectual property:<\/strong>\u00a0Strengthen the protection of intellectual property rights to make China more attractive to foreign investors.<\/li>\n<\/ul>\n

        What does <\/strong>this<\/strong> mean for Canadian business<\/strong>es<\/strong>?<\/strong><\/p>\n

        The overall tone is\u00a0positive\u00a0for foreign companies, including Canadian\u00a0businesses, looking to invest in China. These new policies have the potential to create numerous opportunities for growth and collaboration. However, the actual impact will depend on how these policies are implemented in practice. While we await the full decisions and formal policies, the\u00a0next\u00a0steps involve monitoring how these measures are carried out and assessing the response from Canadian companies operating in China. It will be crucial to assess the response from Canadian companies already operating in China, as well as those looking to enter the market. CCBC will\u00a0play a key role in keeping its members informed with\u00a0with regular updates on new policies and their implications. By providing timely information and support, CCBC can assist Canadian businesses in navigating the evolving landscape and capitalizing on emerging opportunities in China.<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"

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