China has vowed to rescue the private economy, prevent a further downturn in the real estate sector and stabilize it, and ensure necessary fiscal spending, according to an announcement from a Politburo meeting on Thursday.
“Businesses need help to weather these challenges,” the report, released just after 1 p.m., said.
The top decision-making meeting was chaired by President Xi Jinping and took place after financial regulators announced a series of stimulus measures on Tuesday.
“We need to take a comprehensive, objective and dispassionate look at the current economic situation,” the statement said. “We need to face up to difficulties, strengthen self-confidence, effectively enhance our sense of responsibility and urgency, and carry out economic activities well.”
At the meeting, Xi also warned officials against falling into inertia in the pursuit of economic growth. “The majority of party members and cadres must have the courage to take responsibility and dare to innovate,” the statement said.
The message is powerful and aims to reinspire confidence and raise expectations. Li Xuenan, Cheung Kong Graduate Business School
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