Xi seeks fourth term at Third Plenum
Xi’s purge of former foreign and defense ministers likely reason for delay, say analysts
By: Toh Han Shih
The Chinese Communist Party’s Third Plenum in Beijing was delayed for months probably because President Xi Jinping, seeking a fourth term at China’s helm, had to purge senior officials including former top ministers and military officials including former Xi proteges, say analysts. The Second Plenum took place in late February last year.
The conclave, attended by 364 delegates, is convened by the CCP Central Committee roughly every five years to map out the general direction of social and economic policy. It was met with a subdued investor response, with state-owned enterprises likely to continue or increase their dominance of a struggling economy, hampered by sluggish consumer spending and a continuing property crisis. While the government is reportedly drafting new provisions to promote private capital, more details will be revealed by Beijing later. Moves to boost the local government's share of fiscal revenue appear on the cards in a bid to allay fears over the catastrophic level of local government debt…