BEIJING (AP) \u2014 China\u2019s ruling Communist Party wrapped up a\u00a0top-level meeting\u00a0on Thursday by endorsing policies aimed at advancing the country\u2019s technological power and fortifying its national security.<\/p>\n\n\n\n
A statement released when the four-day meeting ended provided only a broad-brush summary. More details are likely to emerge in the coming days.<\/p>\n\n\n\n
\u201cThe current and future period is a critical time for comprehensively promoting the construction of a strong country and the great cause of national rejuvenation using Chinese-style modernization,\u201d the statement said.<\/p>\n\n\n\n
It said the tasks outlined in the meeting would be completed by 2029, the 80th anniversary of the founding of the People\u2019s Republic of China.<\/p>\n\n\n\n
The statement said it is necessary to coordinate development and security, a nod to concern that expanding national security enforcement is weighing on the economy.<\/p>\n\n\n\n
But it stressed that \u201cnational security is an important foundation for the steady and long-term development of Chinese-style modernization,\u201d noting that the \u201cleadership of the party is the fundamental guarantee\u201d for achieving that goal.<\/p>\n\n\n\n
The meeting also endorsed leader Xi Jinping\u2019s repeated calls for \u201chigh-quality development,\u201d signaling Beijing will continue to prioritize investing in technologies and encouraging companies to upgrade their equipment and knowhow at a time when China faces\u00a0tightening restrictions\u00a0on access to Western advanced technology, such as leading-edge computer chips and artificial intelligence.<\/p>\n\n\n\n
\u201cHigh quality development is the primary task of building a modern socialist country in an all-round way,\u201d the statement said.<\/p>\n\n\n\n
Foreign investors and markets were watching to see what the party might do to counter the\u00a0slump in China\u2019s real estate\u00a0sector and weak consumer confidence that has hindered China\u2019s recovery from the COVID-19 pandemic.<\/p>\n\n\n\n
Economic\u00a0growth slowed to 4.7%\u00a0on an annual basis in the April to June quarter, as investments in real estate and property sales continued to decline despite a raft of measures aimed at encouraging families to buy housing.<\/p>\n\n\n\n
Addressing concerns that have weakened consumer confidence, Thursday\u2019s statement acknowledged the need to improve \u201cbasic and bottom-up livelihood, solve the most direct and realistic interests of the people and continuously meet the people\u2019s yearning for a better life.\u201d<\/p>\n\n\n\n
It promised improvements to income distribution, job markets, social security and the medical system, but gave no specifics.<\/p>\n\n\n\n
Likewise, the statement mentioned the need to address risks in the property market and other threats to the economy, without providing details.<\/p>\n\n\n\n
Another priority is relieving the financial squeeze on local governments that have built up huge amounts of debt after a crackdown on heavy borrowing by property developers pushed the real estate industry into crisis, cutting off a vital source of tax revenues from sales of land-use rights.<\/p>\n\n\n\n
The announcement Thursday only alluded in general terms to the need to reform the tax system and better integrate cities and the countryside.<\/p>\n\n\n\n
Chinese leaders have repeatedly said the country will remain open to foreign investment and improve the business environment, despite ever-extending Communist Party controls over companies, social media, financial regulators and other aspects of life.<\/p>\n\n\n\n
Thursday\u2019s statement repeatedly reiterated the need for openness and open markets, but also said the party must prevent any \u201cideological risks.\u201d<\/p>\n\n\n\n
The meetings are unlikely to make a major change in policies, Julian Evans-Pritchard of Capital Economics said in a commentary. \u201cAnd there still appears to be a tension between policies aimed at boosting economic security and expanding the supply-side of the economy, and those aimed at giving market forces a greater role and rebalancing growth toward consumption,\u201d he said.<\/p>\n\n\n\n
This week\u2019s meetings are\u00a0the third plenary session\u00a0of the 205-member party Central Committee, which began a five-year term in 2022. Delayed from last year, third plenums usually set major economic and policy decisions. Past landmark plenums launched China into its ascent as a world manufacturing and financial power in an era of \u201creform and opening up.\u201d<\/p>\n\n\n\n
Details of any policy decisions will come gradually, and probably after the party\u2019s powerful Politburo meets later this month.<\/p>\n\n\n\n
The meeting also dealt with disciplinary actions against some former senior officials. It dismissed former Foreign Minister Qin Gang from the Central Committee and approved investigation reports on three former military officials.<\/p>\n\n\n\n
Qin was\u00a0removed as foreign minister\u00a0about a year ago after only a few months in office. The government has yet to explain why.<\/p>\n\n\n\n
The reports from the Central Military Commission investigated what the statement called \u201cserious violations of discipline and laws\u201d by former Defense Minister Li Shangfu and two officials dismissed from the military\u2019s rocket force, former commander Li Yuchao and former chief of staff Sun Jinming.<\/p>\n\n\n\n
The Defense Ministry\u00a0said last month\u00a0that Li, the ex-defense minister, had abused his authority by taking bribes in exchange for granting favors. He was dismissed last year after less than a year in his post.<\/p>\n\n\n\n
The unexpected dismissals of the new foreign and defense ministers raised questions about party leadership but don\u2019t appear to have affected government policy.<\/p>\n\n\n\n
The statement emphasized the importance of modernizing the military at a time of growing tensions with the United States and Asian neighbors. It called for improving the leadership and management of the military and operations across its different branches.<\/p>\n","protected":false},"excerpt":{"rendered":"
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