China’s Economy “Facing New Difficulties”, Say Top Leaders

The meeting, headed by Xi Jinping, called for efforts to expand domestic consumption. (File)

Beijing, China:

China’s top leaders said the country’s economy was facing “new difficulties and challenges” in a meeting of the 24-person Politburo on Monday, state media reported.

“The meeting pointed out that the current economic operation is facing new difficulties and challenges, mainly due to insufficient domestic demand, operational difficulties for some enterprises, high risks and hidden dangers in key areas, and a complex and severe external environment,” a readout of the meeting on state broadcaster CCTV said.

China’s leaders meet annually at the end of July to review the country’s economic situation before their traditional summer break in August.

The post-Covid recovery in the world’s second-largest economy has been running out of steam in recent months, due in large part to sluggish consumer spending.

The Politburo agreed on Monday that China must “implement precise and effective macroeconomic regulation, strengthen countercyclical regulation and policy reserves”, according to CCTV.

The meeting, headed by President Xi Jinping, also called for efforts to expand domestic consumption and “adjust and optimise real estate policies in a timely manner”, CCTV said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)