China concluded an annual meeting to decide next year’s economic policies, and vowed to bolster the economy.
| China’s top leaders say they will focus on boosting the economy next year, hinting at business-friendly policies, further support for the property market while likely scaling back fiscal stimulus.
Economists said the signals were clear that the focus next year was on boosting gross domestic product, with policymakers likely to target growth of 5 per cent or higher.after virus controls were hastily abandoned and consumer and business confidence remain at near record-low levels.People’s Daily Traders on Monday weighed up the pro-business tone from officials against the short-term challenges for the economy from surging infections. The benchmark CSI 300 Index was down 0.4 per cent. A gauge of Chinese tech stocks in Hong Kong traded 1.2 per cent higher.Officials said they would implement favourable policy to encourage private enterprises to grow and broaden market access for foreign firms.
Consumer spending has been a weak spot for the economy during the pandemic and economists expect a rebound next year as COVID-19 restrictions end and infections subside. “We think this means a continued proactive fiscal policy but likely with a smaller additional fiscal stimulus than 2022,” UBS economists led by Wang Tao wrote in a note.China’s budget deficit soared to all-time high levels this year and local government debt burdens have become unsustainable because of sliding tax and land revenue and higher spending on COVID-19 controls.
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