2024-07-18 23:33:53
The highest authorities of Chinaheaded by the president Xi Jinping, They start on Monday in Beijing a key meeting to revive an economy affected by the real estate crisisdepressed consumption and high youth unemployment.
A year and a half after the lifting of restrictions imposed by the pandemic, the recovery poscovid in the world’s second-largest economy has been brief and less vigorous than expected.
Added to the internal problems are the trade restrictions imposed by the European Union y USA to protect their markets from low-cost Chinese products, which they say represent unfair competition.
In this context, the Communist Party of China (CPC) is holding the third plenary session of the Central Committee from Monday to Thursday, a meeting chaired by Xi Jinping which was initially planned for last October. This meeting of the The Central Committee must first define the major economic orientations of the country for the next five years.
The tradition dates back to 1978, when the then leader Deng Xiaoping He introduced in the third plenary session of that mandate the reforms that were going to allow the meteoric economic growth of China in the following decades.
Analysts expect measures to support economic activity from next week’s plenary session. Xi Jinping He said last week that the CCP was planning “major” reforms, although the word “reform” under his rule has typically referred more to adjustments than major policy shifts.
“The Chinese government has struggled to implement a successful economic strategy since the end of the pandemic,” he says. Andrew Batson, analyst del cabinet Gavekal Dragonomics.
“There is therefore a lot of hope that this third plenary session will bring progress,” he added.
But there is no reason to expect a “break” with the path forged so far by Xi, who has prioritized national security over economic growth, he adds.
“Reform is not about changing direction,” he said on Monday.The People’s Daily, the official journal of CCP.
The start of the meeting is expected to coincide with the publication of China’s second-quarter growth data.
A group of experts surveyed by estimated an increase of 5.3% year-on-year GDP between April and June, which would be in line with the 5% target set this year by the Chinese government.
Although this is an enviable performance in many countries, it is far from the growth recorded.
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2024-07-18 23:33:53