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亚马逊云账号(www.2km.me)_China’s key economic meeting to focus on supporting growth

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The annual Central Economic Work Conference, attended by members of the Politburo Standing Committee including President Xi Jinping, will be keenly watched for signs that reinforce the move to looser economic policy signalled by a Politburo meeting last week.

BEIJING: China’s top leaders are set to convene to decide the economic agenda for 2022, and analysts are expecting the focus to shift to supporting growth from deleveraging and regulatory crackdowns.

The annual Central Economic Work Conference, attended by members of the Politburo Standing Committee including President Xi Jinping, will be keenly watched for signs that reinforce the move to looser economic policy signalled by a Politburo meeting last week.

“This year China has done more work on preventing risks focusing on the longer term, and next year policy will no doubt be leaning toward supporting growth,” according to He Wei, an analyst at Gavekal Dragonomics.

The meeting comes as the economy is slowing due to a worsening property market slump, weak consumption growth, and repeated outbreaks of Covid-19 which are damaging businesses and confidence.

Economists forecast growth to slow to 3.1% in the current quarter, a sharp deceleration from 7.9% in the April-June period and 4.9% in the last quarter.

Traders are searching for clues on how far China will go to loosen monetary and fiscal policies to boost the economy, after the central bank acted to inject 1.2 trillion yuan (RM800mil) of liquidity into financial markets and local governments accelerated borrowing toward the end of this year.

China’s financial markets are already rallying on expectations of more supportive policies, with everything from stocks to the nation’s sovereign and dollar bonds climbing in recent days. There are strong signs investors are returning to Chinese assets after being deterred by regulatory crackdowns and an economic slowdown, with the benchmark CSI 300 Index capping its biggest three-day gain since mid-May on Thursday.

Next year will be of profound political significance, as the Communist Party is set to convene the 20th National Congress to decide the nation’s leaders for the next five years.

“Past experiences suggest that Beijing would strive to beat the growth target in a year of political reshuffle,” Morgan Stanley economists led by Robin Xing said in a note.

While the official target for gross domestic product growth next year will only be revealed at the annual parliament meeting in March 2022, economists are expecting the conference to send signals that authorities will do more to ensure growth will reach around 5%.

That would be a step down from the 8% forecast for this year, but still robust enough for China to achieve its goal of doubling the size of the economy by 2035.

Here are the things analysts are watching for from the meeting:

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