BEIJING (Reuters) – China will boost domestic demand and support economic recovery, the Communist Party of China (CPC) Politburo decided at its meeting on economic work in 2024, Chinese state media reported on Friday .
China will continue to implement prudent monetary policy and proactive fiscal policy next year, state media reported.
China will “strengthen economic vitality, prevent and resolve risks, improve social demands, consolidate and improve the positive trend of economic recovery, continue to promote effective improvement in the quality of economic growth”, according to New China.
Investors are closely scrutinizing the economic decisions made by China for the coming years.
Beijing has launched a series of measures in recent months to revitalize an economy that is experiencing a sluggish recovery from the COVID-19 epidemic and faces a serious real estate crisis, local government debt, a slowdown global growth and an increase in geopolitical tensions.
China’s central bank has modestly cut interest rates and injected more liquidity in recent months to support growth.
Observers estimate that Chinese growth should be 5% this year, in line with the Chinese government’s objectives.
The Politburo, the decision-making body of the CCP, also studied projects relating to the fight against corruption and the regularization of disciplinary actions of the Party, added Xinhua.
(Editor from Beijing; by Zhifan Liu, edited by Blandine Hénault)
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