China's Communist Party has unveiled its economic plan, emphasizing industrial development and strategic industries. The plan, released on Sunday after a leaders' meeting, consisted of more than 300 steps covering various sectors, including taxes, religion, and consumption.

Despite expectations for a more comprehensive effort to rebalance the Chinese economy towards consumer spending, the 15,000-word document made only a brief mention of refining mechanisms for expanding consumption. Instead, the party doubled down on its focus on industrial policy, pledging to promote the development of strategic industries in eight sectors, such as renewable energy and aerospace, as part of the "Made in China 2025" plan.

The economic plan showed little direct attention to the challenges posed by China's plummeting real estate prices and the large number of unfinished apartments left by failed developers. In an attempt to address the country's economic woes, the plan proposed that the central government take on more responsibility for spending, while expanding local tax revenues. However, it provided only a scant mention of a real estate tax.

Underlining the party's concern over national security, President Xi Jinping highlighted the prevalence of frequent local conflicts, global problems, and external suppression. The document reflected the government's preoccupation with strengthening economic recovery while maintaining social stability.

The plan also addressed China's aging population and declining birth rate. Efforts to improve maternity leave policies and establish a system of subsidies for childbirth were outlined, alongside a prudent and orderly increase in the statutory retirement age. China's average retirement age is currently one of the lowest in the world at 54.

However, despite the measured language used in relation to retirement age adjustments, the mention was enough to stir criticism on Chinese social media platforms. Some of these critical posts were swiftly removed by government censors.

The plan also signaled President Xi's intention to continue implementing controls on the country's Muslim minorities. It called for the Sinicization of religion in China, aiming to strengthen the rule of law in the governance of religious affairs.

With a slowing economy and mounting debt, there has been skepticism about whether the Communist Party's actions will truly signify a change in direction for China's economic policies. The European Union Chamber of Commerce in China expressed doubts, stating that the immediate priority remains balancing economic recovery with national security concerns and social stability.

As China looks ahead to navigate its economic challenges, the emphasis on industrial development and strategic industries appears to be a focal point for the Communist Party. The success of these measures and their impact on the wider Chinese economy will be closely watched.