China’s economy in focus ahead of key July political meeting

This file photo taken on October 22, 2022 shows China's President Xi Jinping attending the closing ceremony of the 20th Chinese Communist Party's Congress at the Great Hall of the People in Beijing. - China will hold a key political meeting historically watched for signals on economic direction from July 15-18, state media reported on June 27, 2024.

The Third Plenum, originally expected last autumn, is highly anticipated in the hope it will resolve uncertainty and reveal details of Beijing’s future strategy. The economy still faced many challenges, the bank’s chief said, but authorities would exercise moderation.Xinhua said the government meeting at which the Third Plenum’s dates were set had emphasised the need to ensure that reform “relies on the people and the fruits of reform are shared by the people”.

The Third Plenum could see the introduction of policies such as “a more coordinated housing destocking programme to contain the negative property spillovers”, according to UBS Global Wealth Management’s Yifan Hu. “Canada should respect facts, abide by WTO rules, and create a fair, non-discriminatory and predictable market environment for the common development of the China-Canadian electric vehicle industry,” said spokesperson He Yadong of the commerce ministry, according to a transcript on its website.

The United States hiked tariffs on $18 billion worth of imports from China last month, targeting strategic sectors such as electric vehicles, batteries, steel and critical minerals, a move Beijing warned would “severely affect” relations between the two superpowers.

Source: Financial Digest (financialdigest.net)

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