5th plenary session of Communist Party of China to review economy amid COVID-19, friction with US

China’s top leadership, the Communist Party of China (CPC) Central Committee, is set to convene in Beijing, its fifth plenary session from October 26 to 29 to review its economy amid COVID-19 and the current friction with the US.

The decision was taken at the meeting of the political bureau of Communist Party of China (CPC) Central Committee on Monday.

Meeting presided over by Xi Jinping, general secretary of the CPC Central Committee, discussed reports related to the formulation of the 14th Five-Year (2021-2025) Plan for Economic and Social Development, and targets for 2035 which will be finalized during the fifth plenary session. This is a key four-day policy-setting meeting that will be closely watched by investors worldwide.

Experts opine that during the 14th Five-Year Plan period, geopolitical uncertainty would be a major challenge, as diplomatic tensions between China and the US would remain, and the global pandemic will probably affect foreign investment and trade, especially in 2021 and 2022.

The fifth plenum is the fifth out of seven major meetings held by the Communist Party’s Central Committee, a political body that is made up of the Party’s top leaders. The fifth plenum is typically when a draft of the country’s new Five-Year Plan (FYP) is reviewed.

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