The Chinese Communist Party concluded its highly anticipated four-day leadership meeting, known as the third plenum, with a pledge to undertake market economy reforms, according to a communique released by state news agency Xinhua on Thursday. However, the document provided few concrete details or surprising announcements, disappointing those expecting significant moves to boost the country's economy.

The communique, titled "Further Comprehensively Deepening Reform and Advancing Chinese Modernization," underscored President Xi Jinping's emphasis on self-sufficiency in science and technology amidst rising tensions with the United States. The party highlighted the importance of maintaining market order while stimulating innovation and prioritizing high-quality development, including upgrading China's industrial supply chain.

While concerns over the protracted property downturn and potential spillover effects were acknowledged, the communique made no mention of the previous slogan "houses are for living in, not for speculation," which had been used in the past to cool the overheated property market. The plenum also agreed to advance reforms in taxation and financial systems.

Notably, the Central Committee accepted the resignation of former Foreign Minister Qin Gang and expelled former Defense Minister Li Shangfu from their positions, without offering further explanation. The communique mentioned that Li Yuchao and Sun Jinming of the People's Liberation Army's Rocket Force were also removed from the Central Committee. Their seats were filled by Ding Xiangqun, Yu Lijun, and Yu Jihong.

The release of the communique comes shortly after China reported that its gross domestic product (GDP) grew 4.7% in the second quarter, falling short of expectations. The document is expected to guide policymakers until the next party congress in 2027.

While a more detailed report on the plenum's decisions is expected to be released later, China watchers have noted the absence of concrete, aggressive measures to bolster the world's second-largest economy. Economists at Capital Economics and The Economist Intelligence Unit expressed skepticism, stating that the plenum appears to be a continuation of existing policies rather than a shift in direction.

President Xi emphasized the party's overall leadership regardless of the reforms undertaken, according to a commentary published earlier in the CCP paper People's Daily. The aftermath of the plenum will test the Chinese government's ability to tackle the economic slowdown, characterized by weak consumer demand and ongoing concerns over the property market. Despite efforts to stabilize prices, home values continue to decline, prompting calls for stronger stimulus measures.

The lack of sufficient domestic consumption has also fueled China's reliance on boosting exports, intensifying trade tensions with the United States and other countries. Experts highlight the tension between policies aimed at economic security and expanding the supply side of the economy, versus those aimed at giving market forces a greater role and rebalancing growth towards consumption.

As the dust settles on the third plenum, it remains to be seen how the Chinese government will navigate these challenges and steer the country toward sustainable economic growth.