CPC admits economy struggling, calls for turnaround policies
BEIJING: China’s ruling Communist Party, headed by President Xi Jinping, in a rare admission on Tuesday spoke of the grim economic outlook in the world’s second-largest economy due to insufficient demand and an uncertain external environment and called for coordinating domestic, social and economic policies to obtain tangible results.
It was also announced that the much-delayed key Plenum of the party to discuss measures for course correction the 3rd plenary session of the 20th Communist Party of China (CPC) Central Committee will be held here in July.
The Plenum was originally due to be held in October-November last year and its delay sparked speculation that it was postponed due to the uncertain economic situation in the world’s second-largest economy sparking local and global concerns. Xi 70, who is into his unprecedented third term, heading the party, the military and the Presidency, is grappling with an economic slowdown accentuated by the COVID-19 pandemic and deepening property market crisis. In a candid admission of the economic crisis, the meeting of the 24-member Political Bureau of the party, headed by Xi, spoke of the difficult situation at home and abroad for Chinese enterprises. It “cautioned against challenges, such as insufficient demand, high operation pressure facing enterprises, and an external environment that is more complicated, grimmer and more uncertain,” staterun Xinhua news agency reported. “The complexity, severity and uncertainty of the external environment have spiked,” it
The Plenum was originally due to be held in Oct-Nov last year and its delay sparked speculation that it was postponed due to the uncertain economic situation
said, adding that domestic social and economic policy must be coordinated, with a focus on tangible results.
“Many businesses are under greater operating pressure … We will support private enterprises to tap into overseas markets while dialling up efforts to attract and leverage foreign investment,” it said. The Plenum is to be attended by the 376 full and alternate members of the new Central Committee.