Xi cannot further disappoint the public

Abandonment of 'Likonomics' limits Xi Jinping's options

Every five years, around this time of the year, the Chinese Communist Party's Central Committee holds an important meeting to set long-term economic policies.
 
But this year, the party led by President Xi Jinping has yet to show any sign of convening the third plenary session of the Central Committee.
 
Ten autumns ago, "Likonomics," the pro-market policy initiated by the late former Premier Li Keqiang, was put forward at one of these meetings and was favorably received overseas.
 
But the agenda was never realized. Xi, having concentrated power in his hands, loosened Li's grip on the economy and led the country in the complete opposite direction.
 
Now the Chinese economy finds itself in the throes of an unprecedented crisis, and the Xi administration cannot hold the internationally high-profile third plenary session empty-handed as doing so would only further disappoint the public.
 
Some sources suggest that the session might be held after Xi's visit to San Francisco next week. The situation could improve slightly if Xi can deal with U.S. President Joe Biden on an equal footing, showing that China is chalking up some achievements.