The world’s second-largest economy is grappling with a real estate debt crisis, weakening consumption, an ageing population and geopolitical tensions
Top Chinese officials will gather in Beijing on Monday, with all eyes on how they might kickstart lacklustre growth at a key political meeting that has historically seen officials unveil big-picture economic policy changes.
Beijing should take decisive action to reform the property sector, loosen restrictions on internal migration, boost high-skilled jobs for graduates and modify the tax system to ease local government debt, they said. Ting Lu, chief China economist at Nomura, said the meeting was “intended to generate and discuss big, long-term ideas and structural reforms instead of making short-term policy adjustments”.
More recently, after the closed-door meeting in 2013, the leadership pledged to give the free market a “decisive” role in resource allocation, as well as other sweeping changes to economic and social policy. Beijing has said it is aiming for 5% growth this year – enviable for many western countries but a far cry from the double-digit expansion that for years drove the Chinese economy.
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