Chinese President Xi Jinping Attends Reception Dinner as Policy Makers Pledge to Boost Economic Growth
BEIJING (Reuters) – Chinese President Xi Jinping attended a reception dinner at the Great Hall of the People on September 28, 2023, ahead of China’s National Day.
In a policy meeting, China’s leaders have pledged to adopt more proactive fiscal measures and moderately loosen monetary policy in 2024 to boost domestic consumption. According to the official readout, the Politburo, a top decision-making body led by President Xi, will prioritize:
* Stabilizing property and stock markets
* Strengthening the “unconventional counter-cyclical” adjustment
* Reviewing economic performance and policy implementation for the current year
* Setting priorities for the following year
The Central Economic Work Conference is expected to take place between December 11 and 12. The central administration will also discuss the growth target and budget for 2025, aiming to set local governments’ targets for the annual parliament session early next year.
The growth target is expected to be set around 5%, the same level for the current year. President Xi urged “full preparation” to achieve 2025’s economic targets, despite uncertainties and challenges, and to “actively build an external environment that is favorable to us.”
China’s economy is on track to achieve this year’s growth target, but still faces challenges such as a prolonged housing downturn, tepid domestic consumption, and potential trade tensions with the US. The latest economic data showed the country’s annual consumer inflation fell to a 5-month low of 0.2% in November. The Hong Kong index and yuan currency strengthened following the readout, while Chinese offshore yuan rose to 7.2776 against the US dollar.