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Chinese Leadership Reaffirms Economic Support Amidst Growing ...
2024-07-30 09:00:08
Economy
Business

Chinese Leadership Reaffirms Economic Support Amidst Growing Concerns

China's top leadership emphasizes the need for deepening economic reforms to address risks and negative external impacts. With the economy recovering slowly post-COVID restrictions, achieving a five percent growth target is deemed ambitious.

Urgent measures focus on reducing local government debts and accelerating reforms in the real estate sector. The ailing real estate market, historically pivotal for growth, faces severe challenges with mounting debts and unfinished projects.

The Politburo's recent pledges signal a determined effort to stabilize the economy through macro policies, supporting emerging sectors, and fostering market confidence amidst a sluggish second-quarter recovery.

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China's Third Plenum: Focused Economic Reforms Amid Political ... Control

China's Third Plenum champions 'Chinese-style modernization' with emphasis on CCP control and S&T innovation, while prioritizing industrial policy, self-sufficiency, and social investment. The Vice-Premier outlines a strategic roadmap for maintaining global competitiveness through balanced industrial transitions. The Politburo commits to stimulating the economy via market confidence and emerging sectors. Despite calls for change, Xi Jinping stands firm, prioritizing political legacy protection over drastic economic shifts.

China's Economic Boost Through Special Bonds and Offshore ... Offerings

China is deploying 300 billion yuan in ultra-long-term special bonds to propel consumption and investments, potentially elevating nominal GDP growth by 0.4-1.3 percentage points in H2 2023. Despite these efforts, challenges like weak domestic demand and job insecurities persist, hindering consumer spending. Additionally, Guangdong is set to issue 7.5 billion yuan in offshore yuan bonds in Hong Kong and Macau, following other regions like Shenzhen and Hainan, to bolster the Greater Bay Area and globalize the yuan. The Ministry of Finance is also issuing 55 billion yuan in treasury bonds in Hong Kong to solidify the city's role as an offshore yuan hub, supported by the southbound Bond Connect. China's leadership reaffirms backing for the economy and property sector, emphasizing the need to alleviate municipal debts and revamp the real estate development model. With economic growth below the 5% target, efforts are underway to address the real estate crisis, including completing stalled projects and stabilizing prices.

Read 2 more recent news on this topic

The press radar on this topic:

AFP
30. Juli 2024 um 07:58

Chinese Leadership Reaffirms Planned Support for Faltering Economy

Economy
Finance
Politics
Chinese leadership reaffirms support for the economy and real estate sector; Politburo warns of negative impacts and risks; Need to reduce the debt burden of local governments and accelerate a new development model in the real estate sector; The real estate boom of the past was debt-financed, companies are indebted, and insolvency is looming; Solutions for the crisis in the real estate sector were agreed at the Third Plenum; Economic growth is below the target of 5%, which experts see as ambit..
Global Economy - South China Morning Post
30. Juli 2024 um 06:23

China’s Politburo pledges support, sending stronger-than-expected signal to boost economy | South China Morning Post

Politics
Economy
Finance
China's 24-member Politburo, the party's top decision-making body led by President Xi Jinping, vows to boost economy through macro policies, market confidence, full-year goal, emerging sectors, domestic demand, and curbing competition, amid slowing Q2 recovery.
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