Party plans economic stimulus in 2020
โThe annual Central Economic Work Conference was held in Beijing from Tuesday to Thursday, as Chinese leaders charted a course for the economy in 2020,โ reports Xinhuaย (in Chinese here). This is how the Wall Street Journal saw the meetingย (paywall):
An economic blueprint,ย approved Thursday by President Xรญ Jรฌnpรญng ไน ่ฟๅนณ and other Chinese leaders at the end of an annual closed-door conclave, promised more fiscal and monetary measures with the aim of supporting everything from consumption to infrastructure investment and employment in the coming year โ all to ensure that the growth rate will be kept stable.
The plan is aimed at counteringย a protracted domestic slowdown that has seen the economy slow to its weakest pace in decades, and represents a continuation of efforts this year to support the economyโฆ
The Chinese leadershipโs tiltย toward an emphasis on economic growth appears to be a recognition that Chinese policy makersโ recent focus on reining in debt may have gone too far. In recent years, Beijing has attempted to strike a delicate balance between deleveraging and stimulating growth โ a policy that threatens to exacerbate the debt situation.
The South China Morning Post points out:
Thursdayโs statement did not reveal the specific economic targetsย for 2020, which will only be officially disclosed in Premier Lว Kรจqiรกngโs ๆๅ ๅผบ government work report in March at the โtwo sessionsโ meetings of the National Peopleโs Congress and Chinese Peopleโs Political Consultative Conference.
