Official media reported today, Friday, that the Political Bureau of the ruling Communist Party of China stated that the country will stimulate domestic demand and solidify and improve economic recovery in 2024. According to the official media, China will continue to implement a prudent monetary policy and a proactive fiscal policy next year. The meeting, chaired by Chinese President Xi Jinping, also mentioned that the country will improve the consistency of macroeconomic policies, as reported by Xinhua News Agency.
Xinhua added that China "will effectively improve economic activities, address risks, enhance social expectations, solidify and improve the positive trend of economic recovery, and continue to support the effective improvement of the quality of reasonable economic growth." It continued: "Efforts must be made to increase domestic demand and form a strong cycle to boost consumption and investment together. We need to deepen reforms in key areas and continuously inject strong incentives into the process of high-quality development."
Analysts believe that China's growth is on track to reach the targeted rate of around five percent this year, but this growth will be in comparison to 2022's rate, which was negatively affected by the COVID pandemic, and economic activities remain inconsistent. Chinese government advisors will recommend targeting stable growth in 2024 and additional stimulus policies at the meeting. Xinhua also mentioned that the Political Bureau discussed plans for anti-corruption measures and reviewed the regulatory rules for the party's disciplinary actions.
