{"id":132496,"date":"2024-07-19T07:40:03","date_gmt":"2024-07-19T04:40:03","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/chinas-leaders-vow-to-fight-risks-plaguing-economy\/"},"modified":"2024-07-19T07:40:03","modified_gmt":"2024-07-19T04:40:03","slug":"chinas-leaders-vow-to-fight-risks-plaguing-economy","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/chinas-leaders-vow-to-fight-risks-plaguing-economy\/","title":{"rendered":"China\u2019s leaders vow to fight \u2018risks\u2019 plaguing economy"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/132496\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\nChina\u2019s leadership vowed Thursday to resolve \u201crisks\u201d plaguing the economy, state media said, but were yet to offer any concrete steps to pull the country out of its financial woes. The world\u2019s second-largest economy is grappling with a property debt crisis, weakening consumption, and an ageing population. All eyes were on how this week\u2019s Communist Party conference in Beijing, attended by President Xi Jinping, might tackle that deepening economic malaise. But few new policies were announced as the meeting wrapped up Thursday, with state news agency Xinhua saying they had instead \u201cadopted a resolution on further deepening reform\u201d. Gary Ng, a senior economist at Natixis, said the readout offered \u201cnothing out of expectation as it just confirms existing policies.\u201d But officials did agree to \u201cactively expand domestic demand\u201d, state media reported, after data this week showed retail sales \u2014 a key gauge of consumption \u2014 rose just two percent in June. They further agreed to \u201cprevent and resolve risks in key areas such as real estate, (and) local government debt\u201d, Xinhua said. The Third Plenum has previously been an occasion for the party\u2019s top leadership to unveil major economic policy shifts.<\/p>\n<p>In 1978, then-leader Deng Xiaoping used the meeting to announce market reforms that would put China on the path to dazzling economic growth by opening it to the world. And more recently following the closed-door meeting in 2013, the leadership pledged to give the free market a \u201cdecisive\u201d role in resource allocation, as well as other sweeping changes to economic and social policy. Echoing past plena, top officials promised Thursday to \u201cgive fuller play to the role of market mechanisms\u201d. But they also said they would \u201cmake up for market failures\u201d and \u201csmooth the circulation of the national economy\u201d.<\/p>\n<p>Lynn Song, ING\u2019s Chief Economist for Greater China, told AFP the readout offered some \u201cpositive signals\u201d. But, he said, it was \u201cnot a platform for pushing specific new stimulus measures\u201d. \u201cThose who were looking for new signals on the property market will likely be disappointed,\u201d Song said. \u201cWhile real estate was mentioned as one of the three key risks China prioritises resolving, there was no further mention of expanding affordable housing nor further specifics on efforts to stabilise the property market,\u201d he pointed out. The meeting comes just days after China posted official statistics showing the economy grew by just 4.7 percent in the second quarter of the year. It represented the slowest rate of expansion since early 2023, when China was emerging from a crippling zero-Covid policy that strangled growth. Analysts polled by Bloomberg had expected 5.1 percent. Beijing has said it is aiming for five percent growth this year \u2014 enviable for many Western countries but a far cry from the double-digit expansion that for years drove the Chinese economy. The economic uncertainty is also fuelling a vicious cycle that has kept consumption stubbornly low. Among the most urgent issues facing the economy is the beleaguered property sector, which long served as a key engine for growth but is now mired in debt, with several top firms facing liquidation. With the country facing those headwinds, this week\u2019s meeting resolved to \u201cstrengthen guidance of public opinion and effectively prevent and resolve ideological risks\u201d, according to state media. Officials also formally removed ex-foreign minister Qin Gang from the ruling Communist Party\u2019s highest decision-making body, and \u201cconfirmed\u201d the party\u2019s decision to expel former defence minister Li Shangfu. Both officials disappeared from the public eye last year after just a few months on the job.<\/p>\n<p>L\u00e4hde: <a rel=\"noopener\" href=\"https:\/\/www.digitaljournal.com\/business\/chinas-leaders-vow-to-fight-risks-plaguing-economy\/article\">Digital journal<\/a><\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/chinas-leaders-vow-to-fight-risks-plaguing-economy\/\">China\u2019s leaders vow to fight \u2018risks\u2019 plaguing economy<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[758,555,1052,3095,15345],"class_list":["post-132496","post","type-post","status-publish","format-standard","hentry","category-news","tag-china","tag-csr-news-en","tag-economy","tag-leaders","tag-risks"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/132496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=132496"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/132496\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=132496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=132496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=132496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}