China to hold key meeting next month as markets await stimulus details
It will coincide with the November election in the US, which Beijing will closely watch for potential impact on trade and the global economic system
CHINESE leaders will convene a key political meeting early next month, its state media reported on Friday (Oct 25), as observers watch for more details on a stimulus plan to support the country’s wavering economy.
The world’s second-largest economy has struggled to fully recover from the pandemic, with growth being dragged down by a persistent property crisis, sluggish domestic spending and thorny trade disputes with the West.
Beijing has in recent weeks announced an aggressive raft of measures intended to boost activity, such as rate cuts and the easing of some home-purchasing restrictions. However, a lack of detailed stimulus measures has disappointed investors.
Analysts have said the precise numbers of any major stimulus package could be unveiled after gaining approval from the top brass of China’s rubber-stamp parliament, the National People’s Congress (NPC).
The NPC Standing Committee will meet in Beijing from Nov 4 to 8, official news agency Xinhua said, adding that a review of financial work would be on the agenda.
The meeting will also coincide with the Nov 5 election in the United States, an event analysts say Beijing will closely watch for potential impact on trade and the global economic system.
China is targeting annual growth this year of around 5 per cent, a figure many experts consider as ambitious given the multitude of headwinds facing its economy.
Authorities last week announced China’s slowest quarterly economic growth in a year and a half.
The announcement showed that China’s economy posted year-on-year growth of 4.6 per cent in the third quarter, while also acknowledging “new problems of domestic economic development”. AFP
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