The Chinese Communist Party will convene the Fourth Plenary Session of the 20th Central Committee from October 20th to 23rd, to officially discuss the drafting of the “14th Five-Year Plan” (2026-2030). Prior to this, the CCP’s People’s Daily published a series of eight articles discussing China’s economy under the guidance of “Xi Jinping Economic Thought.” However, in light of the dire economic situation, observers believe that these articles, which seem to be whitewashing the reality, may actually have a counterproductive effect.
From September 30th to October 7th, for eight consecutive days, the People’s Daily of the CCP published commentary articles under the section “China’s Economy under the Guidance of Xi Jinping Economic Thought,” attributed to a writer named “Zhong Caiwen.” “Zhong Caiwen” is believed to be a pun abbreviation for the “Central Finance and Economic Commission article.”
In the first commentary on September 30th, China’s economy was praised for maintaining “strong resilience and vitality.” In the October 2nd commentary, the Party’s mouthpiece acknowledged that China’s economy is facing various risks and challenges, such as operational difficulties for some enterprises and significant financial imbalances in certain regions, but it also stated that “we cannot negate the overall economic situation just because some operating entities are feeling unwell. We cannot just see the trees without seeing the forest.”
Other articles discussed topics such as consumption opportunities in China, claiming that the CCP highly values addressing regional development imbalances and asserting that China provides immense opportunities for the world rather than being a “threat,” among other points.
Former Chinese media personnel Zeng Jieming told Dajiyuan that this is a typical case of blowing trumpets and carrying sedan chairs, with the Party media using flattery to praise Xi Jinping’s “achievements.”
Shen Mingshi, a researcher at the National Security Institute of the Republic of China Military Academy, told Dajiyuan reporters that the eight articles from the CCP’s Party media seem to have elements of both high-level criticism and low-level praise. It appears as if they are emphasizing positive thinking and describing things with an optimistic attitude but also pointing out the current issues in China’s economy. Readers may wonder how these problems will be solved, leading to reflections on whether Xi Jinping has performed poorly in the past and whether he will continue to do so in the future or if he is unable to solve economic problems, prompting calls for a change in leadership.
Renowned political commentator Tang Jingyuan told Dajiyuan that the eight commentaries from the CCP’s Party media are meant to set the tone for the current Chinese economic situation and its future direction in preparation for the upcoming Fourth Plenary Session, hoping to stabilize the fluctuating economy and prevent any disruptions.
He believes that these articles attribute all the results of the economic policies and actions taken since the 18th Party Congress to Xi Jinping’s economic ideology. However, the negative outcomes of China’s economy over the past decade or so are evident to everyone, with the Party media effectively shifting all responsibility onto Xi Jinping.
He remarked, “Behind the title of every commentary, there is a reminder in brackets emphasizing that this is a specialist discussion on Xi Jinping’s economic ideology, which is quite thought-provoking.”
Gu Qingyang, Associate Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore, analyzed in an interview with Lianhe Zaobao that the series of commentaries from the People’s Daily is aimed at “unifying thoughts” for the upcoming Fourth Plenary Session of the 20th Central Committee of the CCP. Given the differing views on economic development both domestically and internationally, some opinions might be seen as detrimental to creating a conducive atmosphere for the plenary session.
American economist Huang Dawei recently told NTDTV that the official media’s rhetoric aims to stabilize market expectations and prevent the spread of negative sentiment. However, at times, it could be perceived as masking the true state of affairs or suppressing anxieties, often leading to unintended consequences.
Dudu, a former Chinese official residing in Europe, revealed on his social media account on September 13th that information from within the Communist Party system indicated that the central finance under Xi Jinping is truly running out of funds, facing a financial crisis similar to what the former Soviet Union experienced before its collapse.