(Bloomberg) -- President Xi Jinping vowed to make “high-quality development” the guiding force of the world’s No. 2 economy, showing few initial signs that...
-- President Xi Jinping vowed to make “high-quality development” the guiding force of the world’s No. 2 economy, showing few initial signs that the top leadership is preparing to unleash major steps to boost demand or arrest the property slump.The ruling Communist Party signaled China will stay on course with Xi’s plan to use advanced manufacturing to generate growth, in a vaguely worded statement Thursday marking the close of a twice-decade conclave that’s often heralded major policy shifts .
Officials put “actively expanding domestic demand” on their to-do list as a near-term task in the communique. Authorities also reaffirmed their determination to hitting this year’s social and economic goals, which include an annual growth target of about 5%. This meeting — delayed from last year — comes as policymakers struggle to arrest a crisis in the property market, where the citizens store much of their wealth. Falling house prices and a weak job market have sent China into its longest deflationary streak since 1999.
The government skipped a once-popular phrase that the market should play a “decisive role,” which was used as recently as the last leadership reshuffle in 2022. The ruling party instead said officials should be able to both “let it go” and “control it.” Authorities have signaled a new willingness to control markets in recent months, with the central bank readying a multi-billion yuan pool of bonds to cool a record-breaking rally.
The plenum document announced the removal of former Foreign Minister Qin Gang from the party’s Central Committee after he was abruptly fired in July last year, seven months into the job. It also confirmed its decision to oust former defense minister Li Shangfu, who faces corruption charges, and the Rocket Force’s Li Yuchao and Sun Jinming from the party.
Bloomberg Policy Shifts China Xinhua News Agency Beijing
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pierre Poilievre to focus on economic reconciliation in speech at AFN meetingThe Conservative Leader’s in-person address is a marked departure from Stephen Harper, who never delivered a speech to AFN chiefs
Read more »
What to Expect From the Third Plenum, China’s Big Policy Meeting(Bloomberg) -- The Chinese Communist Party’s top ranks gather this month for one of the country’s biggest annual policy meetings, with everything from chip...
Read more »
What to Expect From the Third Plenum, China’s Big Policy MeetingThe Chinese Communist Party’s top ranks gather this month for one of the country’s biggest annual policy meetings, with everything from chip technology to land reform and a revamp to the nation’s biggest tax source possibly on the cards. What isn’t expected is the kind of major policy pivot that’s often been seen in the past.
Read more »
Edmunds: Here are five big SUVs that are great for towing big trailersWhen the days get long and the mountains, lakes and campgrounds beckon, you need a vehicle that can pull what you might call the Toys of Summer. Big boats, motorcycles and travel-trailers require muscle to move over hills and highways.
Read more »
Texas Governor, Taiwan Minister Sign Economic Cooperation PactTexas Governor Greg Abbott and Taiwan’s Minister of Economic Affairs Kuo Jyh-huei signed a statement of intent on economic cooperation during a meeting in Taipei Sunday.
Read more »
Vietnam Economic Growth Beats Expectations on Trade, FDI(Bloomberg) -- Vietnam’s economy accelerated more than forecast in the second quarter, buoyed by a recovery in trade and increased business activity aided by...
Read more »