By 2024, China will stimulate domestic demand and consolidate and enhance economic recovery, Chinese state media said on Friday, citing the Politburo, the top decision-making body of the Communist Party of China. Chinese media today unanimously emphasized that early next year, China’s economy will recover and change its status quo under stimulus measures.
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According to a Reuters report today, Chinese leaders have promised to stimulate domestic demand and revive the economy in 2024.
In recent months, the Chinese government has launched a series of measures to support a weak economic recovery after the epidemic, which has been hampered by the real estate crisis, local government debt risks, slow global growth and geopolitical tensions.
Ratings agency Moody’s warned of a downgrade on China’s credit rating on Tuesday, saying the cost of bailing out debt-ridden local governments and state-owned enterprises and controlling the real estate crisis would put pressure on China’s economic growth prospects.
Analysts believe the Chinese government will have to introduce more stimulus measures to support the economy, but the economy still faces headwinds.
China’s official media quoted the Politburo as saying that China will continue to implement a moderately strengthened proactive fiscal policy and a prudent monetary policy that is “flexible, appropriate, precise and effective.” The meeting, chaired by President Xi Jinping, also said the country would enhance the coherence of macroeconomic policies, the official Xinhua News Agency reported.
Xinhua News Agency said that China will “effectively enhance economic vitality, prevent and resolve risks, improve social expectations, consolidate and enhance the momentum of economic recovery, and continue to promote effective improvement in economic quality and reasonable growth.”
Xinhua News Agency said in a separate report on Friday that President Xi Jinping said at a meeting with non-communist representatives on Wednesday that China’s economic recovery was still at a critical stage.
Most analysts believe that China’s economic growth this year is expected to reach the government’s target of around 5%, but economic activity remains uneven compared with 2022 due to the impact of the new coronavirus epidemic.
The Politburo Economic Work Conference is usually a prelude to the annual Central Economic Work Conference, which is expected to be held around mid-December.
Reuters said that in recent months, the Chinese government has launched a series of policy measures to support a weak post-epidemic economic recovery affected by the real estate crisis, local government debt risks, slowing global economic growth and geopolitical tensions.
2023-12-08 11:37:29
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