Chinese President Xi Jinping (習近平) yesterday said that the Chinese Communist Party was planning and implementing “major” reforms, ahead of a political conclave that is expected to put economic recovery high on the agenda.
Chinese policymakers have struggled to reignite growth since late 2022, when restrictions put in place due to the COVID-19 pandemic were lifted.
The world’s second-largest economy is beset by a debt crisis in the property sector, persistently low consumption and high unemployment among young people.
Photo: AP
Policymakers “are planning and implementing major measures to further deepen reform in a comprehensive manner,” Xi said in a speech at the Great Hall of the People in Beijing. “We will ... form a more market-oriented, legal and international business environment.”
“China’s door will only open wider and wider, and will never be closed,” he added.
Xi has touted the promise of significant reform several times this year and the government has already enacted measures in key sectors such as real estate to try to address critical issues.
On Thursday, it was announced that the delayed Third Plenum — a meeting historically watched for signals on economic policy direction — would take place in Beijing in the middle of next month.
The key meeting of top officials, originally expected last year, is highly anticipated in the hopes it might resolve the uncertainty that has weighed on China’s economy.
The People’s Bank of China later yesterday pledged to “promote the implementation of the financial policies and measures already issued, and push for the stable and healthy development of the real-estate market.”
It would “promote the accelerated construction of a new model for real estate development,” the central bank said in a statement.
UPDATED FORECAST: The warning covered areas of Pingtung County and Hengchun Peninsula, while a sea warning covering the southern Taiwan Strait was amended The Central Weather Administration (CWA) at 5:30pm yesterday issued a land warning for Typhoon Usagi as the storm approached Taiwan from the south after passing over the Philippines. As of 5pm, Usagi was 420km south-southeast of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost tip, with an average radius of 150km, the CWA said. The land warning covered areas of Pingtung County and the Hengchun Peninsula (恆春), and came with an amended sea warning, updating a warning issued yesterday morning to cover the southern part of the Taiwan Strait. No local governments had announced any class or office closures as of press time last night. The typhoon
Typhoon Usagi yesterday had weakened into a tropical storm, but a land warning issued by the Central Weather Administration (CWA) was still in effect in four areas in southern Taiwan. As of 5pm yesterday, Tropical Storm Usagi was over waters 120km south-southwest of Oluanpi (鵝鑾鼻), the southernmost tip of Taiwan proper, and was moving north at 9kph, CWA data showed. The storm was expected to veer northeast later yesterday. It had maximum sustained winds of 101kph, with gusts of up to 126kph, the data showed. The CWA urged residents of Kaohsiung, Pingtung County, Taitung County and the Hengchun Peninsula (恆春) to remain alert to
ONE LAST TALK: While Xi said that Taiwan was a ‘red line,’ Biden, in what is likely his last meeting with Xi as president, called for an end to China’s military activity around Taiwan China’s military intimidation and economic coercion against Taiwan are the main causes of tensions that are destabilizing peace in the Taiwan Strait, Taipei said yesterday while thanking US President Joe Biden for expressing Washington’s firm stance of maintaining peace and stability in the region. Biden and Chinese President Xi Jinping (習近平) met on Saturday for their third meeting and their first talks in seven months on the sidelines of the APEC forum in Lima, Peru. It was likely Biden’s last meeting as president with Xi. During their conversation, Biden reiterated the US’ opposition to any unilateral change to the “status quo” from either
Taiwan would participate in the 2026 APEC summit to be hosted by China after Beijing promised it would ensure the personal safety of attendees, Taiwanese national security sources said yesterday. The APEC Leaders’ Machu Picchu Declaration announced yesterday said that China would host the APEC summit in 2026. Beijing proposed hosting the summit shortly before this year’s gathering began on Friday, a national security official said, speaking on condition of anonymity. Many APEC members expressed concerns about China hosting the event and said that prior communication over the decision was insufficient, the official said. Taiwan brought up concerns about legal “guidelines” China announced in
RSS