China's leaders to 'resolve risks' in economy as key meet ends

AFP , Thursday 18 Jul 2024

China's leadership agreed on the need to "resolve risks" in real estate and local government debt while also boosting demand at a key political meeting that wrapped up Thursday, state media said.

File photo - China s President Xi Jinping arrives for the opening session of the 20th Chinese Communist Party s Congress at the Great Hall of the People in Beijing. AFP

Top officials including President Xi Jinping gathered for a Communist Party conference in Beijing this week, with all eyes on how they would tackle the country's deepening economic malaise.

As the meeting concluded on Thursday, they "adopted a resolution on further deepening reform", state news agency Xinhua said.

They also agreed to "actively expand domestic demand", state media reported, after data this week showed retail sales -- a key gauge of consumption -- rose just two percent in June.

They further agreed to "prevent and resolve risks in key areas such as real estate, (and) local government debt", Xinhua said.

Officials also resolved to "strengthen guidance of public opinion and effectively prevent and resolve ideological risks", according to state media.

The meeting also formally removed ex-foreign minister Qin Gang from the ruling Communist Party's highest decision-making body, and "confirmed" the party's decision to expel former defence minister Li Shangfu.