Meeting headed by President Xi Jinping sought to expand domestic consumption and recalibrate property policies. Read more at straitstimes.com.
BEIJING – China’s top leaders said the Chinese economy was facing “new difficulties and challenges” in a meeting of the 24-person Politburo on Monday.
The Politburo agreed on Monday that China must “implement precise and effective macroeconomic regulation, strengthen countercyclical regulation and policy reserves”, according to CCTV. The disappointing result came in spite of the very low base of comparison with 2022, when the country was hit by a series of Covid-19 lockdowns in major cities.
“The key to watch from the meeting is not specific policy measures, but the policy tone set by top leaders,” Macquarie economist Larry Hu wrote in a note.
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