China's ruling party to hold plenum on five-year plan in October
The fourth plenum is usually used to discuss ideological issues including state governance and party building.
BEIJING – China's ruling Communist Party will hold its next key conclave in October, according to the official Xinhua News Agency, meeting to chart the nation's development for the next five years as it contends with risks to the economy at home and abroad.
Known as the fourth plenum, the closed-door gathering of some 400 members of the party elite will review proposals for the 15th five-year plan, which covers the period from 2026 to 2031, Xinhua said, citing a decision by the Politburo on July 30.
State media reports have suggested Chinese President Xi Jinping is personally involved in drafting the plan, including by convening a seminar in Shanghai with some provincial governors in April.
Bloomberg News has reported that the programme will include a future iteration of Mr Xi's 'Made in China 2025' campaign to focus on high-end technological goods.
The world's second-biggest economy has held up surprisingly well in the face of US tariffs, thanks to resilient exports and government support for consumer spending and investment.
But with a slowdown likely in the months ahead and the ongoing threat of global trade tariffs, Beijing has faced calls to shift its growth model more toward domestic consumption.
'Balancing the two pillars – enhancing productivity through technological innovation on the one hand and enlarging domestic demand on the other – may be the priority of China's economic planning over the next five years,' Goldman Sachs Group Inc economists led by Mr Andrew Tilton said in a report earlier in July.
Top stories
Swipe. Select. Stay informed.
Singapore MHA to support HSA's crackdown on Kpod abusers and help in treatment of offenders: Shanmugam
Business S'pore's economic resilience will face headwinds in second half of 2025 from tariffs, trade conflicts: MAS
Business S'pore's Q2 total employment rises, but infocomm and professional services sectors see more job cuts
Singapore Fewer than 1 in 5 people noticed suspicious items during MHA's social experiments
Asia Powerful 8.8-magnitude quake in Russia's far east causes tsunami; Japan, Hawaii order evacuations
Singapore Migrant workers who gave kickbacks to renew work passes were conservancy workers at AMK Town Council
Asia 'Hashing things out': Japan, Vietnam, EU contest terms of US tariff deals behind the scenes
Singapore Escape, discover, connect: Where new memories are made
'However, this will be an extremely challenging task given the economic, social and institutional adjustments needed.'
The Communist Party usually gathers seven times during the five-year cycle following its major congress.
The fourth plenum is usually used to discuss ideological issues including state governance and party building, whereas the fifth plenum over the past few decades has been focusing on the five-year plans.
A delayed third plenum in 2024 might be among the reasons the sequence is disrupted this time.
The gathering is also likely to address some personnel issues, as an ongoing anti-corruption campaign in both the military and civilian government has seen dozens of senior cadres being purged.
At least three ministers were ousted from the current Cabinet, formed in March 2023.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
26 minutes ago
- Straits Times
Netherlands to start NATO's new Ukraine weapons finance scheme with $578 million payment
Sign up now: Get ST's newsletters delivered to your inbox Military equipment are pictured as the Dutch government presents plans to increase spending on defence to 2% of GDP in the wake of the Russia-Ukraine conflict, in Amersfoort, Netherlands, September 5, 2024. REUTERS/Piroschka van de Wouw/File Photo AMSTERDAM - The Netherlands will be the first contributor to NATO's new "Priority Ukraine Requirements List" (PURL) financing mechanism for Ukraine weapons with a 500 million euros ($578 million) payment, the Dutch defence minister said on Monday. "Ukraine needs more air defence and ammunition now. As the first NATO ally, the Netherlands will deliver a €500 million package of US weapon systems (including Patriot parts and missiles)," Dutch Defense Minister Ruben Brekelmans said in a statement on X. "This helps Ukraine to defend itself and the rest of Europe against Russian aggression," he added. In a statement posted on the Dutch defence ministry website, the ministry said that other countries have also pledged financing under the new mechanism. The defence ministry said that under the new scheme, Ukraine can draw on US military equipment stocks if these are funded by NATO allies. The United States is releasing military aid in packages worth approximately $500 million, it said, adding that the packages consist of air defence equipment, ammunition and other essential supplies tailored to Ukraine's needs. U.S. President Donald Trump said last month the U.S. would supply weapons to Ukraine, paid for by European allies, but did not provide details on how this would work. Reuters reported on Friday that NATO countries, Ukraine, and the U.S. were developing a new Ukraine weapons financing mechanism. REUTERS
Straits Times
an hour ago
- Straits Times
Tesla board awards ‘good faith' shares worth $37 billion to CEO Elon Musk
Sign up now: Get ST's newsletters delivered to your inbox Tesla has granted CEO Elon Musk shares worth about US$29 billion (S$37 billion) in a new pay deal aimed at keeping the billionaire entrepreneur at the helm during a crucial pivot from its struggling core auto business to robotaxis and humanoid robots. The company described the 'interim award' of the 96 million new shares as a first step, 'good faith' payment to honour Mr Musk's more than US$50 billion pay package from 2018 that was struck down by a Delaware court in 2024. Mr Musk can claim the new award if he remains in a top executive role for another two years and a court does not reinstate the 2018 package currently on appeal. He has to hold the shares for five years and can buy them for US$23.34 per share, the same as the exercise price of the 2018 award. Tesla will also put to vote a longer-term CEO compensation plan at its annual investor meeting on Nov 6. The move is meant to keep Mr Musk, the public face of Tesla and architect of its robotaxi strategy, focused on the electric-vehicle maker as it navigates a shift to cybercabs and robotics from its mainstay auto business. It also seems to quell any speculation that the board's patience with Mr Musk could be wearing thin because of the recent tumultuous months, including the CEO's foray into politics. The move to give Mr Musk greater control of the company suggests that directors still see him as best-suited to tackle Tesla's growing list of challenges in the years ahead. Top stories Swipe. Select. Stay informed. Singapore Singapore launches review of economic strategy to stay ahead of global shifts Singapore A look at the five committees reviewing Singapore's economic strategy World Trump says he will 'substantially' raise tariffs on India over Russian oil purchases Singapore Strong S'pore-Australia ties underpinned by bonds that are continually renewed: President Tharman Singapore All recruits at BMTC will be trained to fly drones and counter them: Chan Chun Sing Sport Singaporean swimmer Gan Ching Hwee at 'crossroads' after World Aquatics C'ships display Singapore Ong Beng Seng to be sentenced on Aug 15, prosecution does not object to fine due to his poor health Singapore Pritam Singh had hoped WP would 'tip one or two more constituencies' at GE2025 Sales have been falling at the company due to its ageing vehicle line-up, tough competition and Mr Musk's right-wing political stances that have tarnished its brand. S&P Global Mobility data shared exclusively with Reuters showed on Aug 4 that Tesla's brand loyalty had plunged since Mr Musk endorsed US President Donald Trump last summer. Mr Musk's involvement in politics and his wider business empire, including AI startup xAI, have also sparked concerns about his devotion to Tesla, the main source of his wealth. Mr Musk has threatened to leave unless he gets more control over Tesla. The new stock award will take his Tesla stake, already the largest, to more than 15 per cent from the 12.7 per cent currently, according to Reuters calculations based on data compiled by LSEG. Before Aug 4's grant, Mr Musk had no active compensation plan and Tesla said he had not received meaningful pay since 2017. With the legal fight over his 2018 package expected to continue, the board said it moved to retain Mr Musk's 'extraordinary talent.' Talent magnet 'While we recognise Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging... we are confident this award will incentivize Elon to remain at Tesla,' said a special committee Tesla formed this year to consider Mr Musk's compensation. It consists of chair Robyn Denholm and independent director Kathleen Wilson-Thompson. The company said it would not record compensation expense for the award as it does not currently expect the performance condition to be 'probable of being met.' It will re-evaluate and recognise the expense if it determines the award is likely to be met, including after the two-year vesting period. The new shares will also be forfeited or offset if the Delaware courts fully reinstate the 2018 stock award, ensuring there is no 'double dip,' the special committee said. Investors and analysts welcomed the news, with Tesla shares rising nearly 2 per cent in early trading. The stock has lost a quarter of its value this year, as of last close. 'Under normal circumstances, a compensation package in the billions would raise some eyebrows. (But) clearly investors have benefited from Musk's stewardship of Tesla,' said Camelthorn Investments adviser Shawn Campbell, who owns Tesla shares. 'This stock grant will bind Musk to Tesla for the next two years.' Battle for pay The Delaware ruling on Mr Musk's 2018 pay package, the largest in Corporate America, had cited flaws in the board's approval process and unfairness to investors. Mr Musk kicked off an appeal against the order in March, claiming a lower court judge made multiple legal errors in rescinding the record compensation. He has argued that the package resulted in spectacular growth for Tesla and yet was determined by the lower Court of Chancery to be unfair to shareholders, who voted twice to approve the plan. Tesla shares have risen nearly 2,000 per cent over the past decade, far outperforming the around 200 per cent rise in the benchmark S&P 500 index in the same period. 'This is simply a repackaged version of what was done years ago and was ruled improper by a judge. It renders the Delaware court decision effectively meaningless,' said Mr Charles Elson, founding director of the Weinberg Centre for Corporate Governance at the University of Delaware. 'You don't have to incentivise him to stay. If he leaves, he throws away 13 per cent of the company, which is still a huge part of his net worth, said Mr Elson, who had filed amicus briefs supporting the court's decision to void Mr Musk's 2018 award. REUTERS
Straits Times
an hour ago
- Straits Times
German minister: EU must become stronger in Trump tariff talks
WASHINGTON - German Finance Minister Lars Klingbeil said the European Union had been too weak during trade negotiations with the United States and it should become stronger, as much still needed to be clarified on the deal the two sides struck last month. "Overall, as Europeans, we must become stronger," Klingbeil said in Washington ahead of a meeting with U.S. Treasury Secretary Scott Bessent. "Then we can also stand up to the U.S. with more self-confidence. Not against the U.S., but in dialogue with the U.S." Klingbeil said there needed to be a quick solution to the trade conflict with the U.S. as companies needed planning certainty. "Even though I am not the one negotiating today — that is the task of the European Commission — a close line of communication between me and Scott Bessent can help clarify things," he said, emphasizing the importance of the Transatlantic relationship. Apart from tariffs, Klingbeil and Bessent will discuss how to deal with cheap Chinese goods that are flooding the markets in both the U.S. and Europe, as well as the G20 presidency that the U.S. will take at the end of the year. "I believe it is important that we, from the German side, keep sending a clear signal: We want to work closely with the American government, we seek dialogue, we do not shy away from difficult topics and are looking at how we can solve problems together," Klingbeil said. The EU's trade deal with Trump in July was greeted with a mix of relief and anger, with tariffs set at 15% for most products but negotiations continuing for certain sectors, including steel and aluminium, which carry tariffs of 50%. Klingbeil would advocate for a quota system on steel exports to be included in the trade deal, he told reporters. REUTERS
