Xi Jinping intensifies militarization of the Chinese economy despite the ongoing decline

The Third Plenum of the 20th Central Committee of the Communist Party of China was held in Beijing from July 15 to 18, 2024. 

It was expected that it – traditionally the most important economic event of the state – would end with a clear outline of plans for managing the “national economy” until 2027: that is, it would show signs of a change in China’s course in favor of fundamental economic reforms, to which Xi Jinping called on the IMF leadership in March 2024.

The recent Third Plenum of the Communist Party of China continued Beijing’s recent diplomatic efforts, particularly after last year’s One Belt, One Road Forum, which was supposed to showcase the Chinese civilizational model on the world stage but failed to meet Beijing’s expectations.