BEIJING: “China’s Economy in Spotlight Ahead of Key July Political Meeting”, State media announced Thursday (Jun 27) that a crucial mid-July political meeting, closely monitored for insights into China’s economic strategy, looms as policymakers aim to bolster a faltering recovery.
More than 18 months after lifting crippling COVID-19 restrictions, the world’s second-largest economy still awaits a complete recovery, causing unease among both leaders and citizens alike as uncertainties persist.
State news agency Xinhua said the meeting, to be held from Jul 15-18, would “primarily examine issues related to further comprehensively deepening reform and advancing Chinese modernisation”.
Authorities have been clear they want to re-orient the economy away from state-funded investment and instead base growth around high-tech innovation and domestic consumption.
However, economic uncertainty is fuelling a vicious cycle that has kept consumption stubbornly low. President Xi Jinping’s government has so far resisted any big stimulus and the head of China’s central bank warned last week it was not on the cards.
The economy still faced many challenges, the bank’s chief said, but authorities would exercise moderation.
“Canada should respect facts, abide by WTO rules, and create a fair, non-discriminatory and predictable market environment for the common development of the China-Canadian electric vehicle industry,” said spokesperson He Yadong of the commerce ministry, according to a transcript on its website.
The European Union is preparing to impose new tariffs of up to 38 per cent on Chinese EVs by Jul 4, which Beijing has condemned as “purely protectionist”.
The EU maintains that heavy state subsidies in China have led to unfair competition in local markets, a claim denied by Beijing.
The United States hiked tariffs on US$18 billion worth of imports from China last month, targeting strategic sectors such as electric vehicles, batteries, steel and critical minerals, a move Beijing warned would “severely affect” relations between the two superpowers.
