SwedCham China Insights for the Week of June 24 - June 28 , 2024

Top news of the week:

Chinese cities urged to loosen vehicle purchase restrictions

24 June 2024

hinese cities with restrictions on vehicle purchases are encouraged to ease these limitations and provide additional quotas for vehicle purchases, according to a circular aiming to create new consumer demand.

OpenAI taking steps to block China’s access to its AI tools

25 June 2024

OpenAI is taking additional steps to curb China’s access to artificial intelligence software, enforcing an existing policy to block users in nations outside of the territory it supports. The memo coincides with growing pressure from Washington to curtail Chinese access to advanced artificial intelligence technology.

State Council executive meeting discusses sustainability, foreign investment, and national security

26 June 2024

Chinese Premier Li Qiang on Wednesday presided over a State Council executive meeting to hear a report on promoting sustainability, attracting foreign investment, and targeting professional training to enhance employment. The meeting also addressed national security issues.

Dates set for China’s long-awaited Third Plenum when policy direction will be revealed

27 June 2024

The Communist Party of China (CPC) will convene the third plenary session of its 20th central committee on July 15 in Beijing. The plenum, which will primarily examine issues related to further comprehensively deepening reform and advancing Chinese modernization, will last until July 18, according to a meeting of the Political Bureau of the CPC Central Committee on Thursday.

2024 Summer Davos concludes in NE China's Dalian

28 June 2024

The 15th Annual Meeting of the New Champions, also known as the Summer Davos, concluded in northeast China's coastal city of Dalian on Thursday. Featuring the theme “Next Frontiers for Growth,” the event gathered over 1,700 leading figures from the public and private sectors in more than 100 countries and regions to jointly explore new drivers and pathways for global economic growth. Premier Li Qiang called on all nations and regions to maintain an open mindset, enhance their mutually beneficial cooperation and jointly seek new frontiers of economic growth.

Insight of the week:

The Communist Party of China (CPC) is set to hold the third plenary session of its 20th Central Committee from July 15 to July 18 in Beijing. The gathering, as revealed during a recent Political Bureau meeting of the CPC Central Committee, will focus on deepening reforms and advancing Chinese modernisation.

This session marks a pivotal juncture in President Xi Jinping’s third term, addressing a spectrum of objectives encompassing economic strategies, social development, and state-building initiatives. The announcement by the Politburo, the CPC's top 24-member decision-making body, indicates a unified approach to tackling China’s economic challenges amidst fierce international competition and domestic issues.

Historically, the third plenary session has been instrumental in setting economic agendas for the next decade and is often regarded as the most crucial among the seven meetings held during the Central Committee’s five-year tenure. Past third plenums have been transformative, such as the 1978 session under Deng Xiaoping, which initiated significant economic reforms and opened China to private and foreign investments.

Over 370 full and alternate members of the Central Committee will convene, and the session is anticipated to culminate in a comprehensive communique. This document will be scrutinised by officials across all levels as they formulate strategies to achieve the outlined goals.