Economic stability is China’s top priority in 2022, officials say

Pedestrians pass China Evergrande Group's City Plaza development in Beijing, China. File photo: BLOOMBERG/ANDREA VERDELLI

The most important word for economic policy in 2022 is “stability”, Han Wenxiu, a senior economic official of the Communist Party, said Saturday. Led by the Politburo Standing Committee, the economic conference is a precursor to next year’s parliamentary meeting, where detailed targets are disclosed. Analysts are watching closely for clues of further monetary and fiscal stimulus, and whether regulations on debt and the property market will be relaxed to help support a slowing economy.

After focusing policy most of this year on curbing financial risks and reducing debt in the economy, Beijing is starting to shift its focus to supporting growth. The elite Politburo leaders earlier this month signaled a dovish tilt in property policies, while the central bank has also raised expectations of further monetary easing with its decision to cut the reserve requirement ratio for banks.

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