December 12, 2024 at 11:07AM
Chinese economy still faces many difficulties and challenges
Need to treat difficulties properly and affirm confidence
Unfavourable impact brought by external environment has become severe
Will deepen reforms and pursue high quality development in 2025
Will expand domestic demand
Must coordinate relationship between overall supply and demand
Will implement more proactive macro policies
Will implement cuts to interest rates and reserve requirement ratios
To take forceful measures to boost consumption and expand domestic demand in all directions
Will stabilise housing and stock market
To implement appropriately loose monetary policy
Will coordinate and push forward with fiscal and tax reforms
It’s all high-level commentary from China once again following one of their most important economic meetings in setting out targets for next year. As for the headline remark, it is well expected after Xi boasted about that already here earlier this week. Much of the other commentary isn’t anything new as Chinese officials have got their work cut for them in trying to revive domestic demand in the country, as has been the case for the last few years.
This article was written by Justin Low at www.forexlive.com.