Beijing will strive to revive growth

Significance

Held on October 30-31, it was attended by President Xi Jinping and various top officials. The conference formulated priority tasks to address financial risks the country is facing and to facilitate economic growth towards the target of 5% this year, up from 3% in 2022.

Impacts

• Management of local governments’ debt will gradually improve, but putting their finances into order will take time.
• China will avoid a devastating collapse of the property sector, but adjustment in the sector will be a drag on economic growth.
• Economic growth will get back on track, but its rate will be lower than pre-pandemic.