A view of the Central Business District in Beijing.
| Photo Credit: AP
Chinese President Xi Jinping and other top leaders admitted on Thursday that the world’s second-largest economy was facing new “problems” and vowed to resolve a long-running crisis in the housing sector.
Beijing has this week unveiled a raft of measures to boost its ailing economy, which it has targeted to grow five per cent this year — an objective analysts say is optimistic given the many headwinds it faces.
On Thursday (September 26, 2024), the ruling Communist Party convened a meeting of its top body, the Politburo, to “analyse and study the current economic situation”.
“Some new situations and problems have emerged in the current running of the economy,” the Xinhua news agency reported after the meeting, which was attended by Mr. Xi. “We must view the current economic situation comprehensively, objectively and calmly, face difficulties squarely, (and) strengthen confidence,” it added. Politburo members agreed on the need to “further improve the focus and effectiveness of policy measures” aimed at lifting the economy.
They also vowed to “respond to the people’s concerns” about the economic malaise. Beijing would “adjust housing purchase restriction policies… and promote the construction of a new model for real estate development”, Xinhua said
Published – September 27, 2024 10:43 am IST
