OpinionThinking About China

China’s Third Plenum Planners Face Big Problems Besides Property Crisis

China’s local governments have supported growth through heavy borrowing and spending big, but their debt loads are another hurdle to China’s development.
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China’s Third Plenum Planners Face Big Problems Besides Property Crisis
Police officers patrol outside the Jingxi Hotel, where China's leaders were conducting the Third Plenum, a key economic meeting, in Beijing on July 15, 2024. Greg Baker/ AFP via Getty Images
Milton Ezrati
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Commentary

As the long-delayed Third Plenum session ended last week, it’s far from clear what the Chinese regime’s five-year plan will involve. Beijing seems to think that its earlier efforts to deal with the property crisis are sufficient.

Milton Ezrati
Milton Ezrati
Author
Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is "Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live."
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