Xi Jinping calls for “important reform” measures ahead of summit meeting

Chinese President Xi Jinping said on Friday that his government was planning “important measures to deepen reform”, weeks before a major political meeting expected to make economic recovery a priority.

China has been struggling to revive its growth since abandoning the strict health policy put in place against Covid-19 at the end of 2022.

The world's second-largest economy is in the grip of a crisis in the real estate sector, continued weak consumption and high youth unemployment.

“We are working today to design and implement important measures aimed at deepening reform on all levels, and continue to expand institutional openness to create a business environment more in line with market rules, legislation and standards international institutions,” Xi Jinping said in a speech.

“The modernization of China, with a population of more than 1.4 billion, means the emergence of a gigantic market, the scale of which exceeds that of all developed countries combined. The doors of China will open ever wider and never close,” he stressed.

In Xi Jinping's mouth, the word “reform” is most often understood in the sense of economic adjustments, rather than upheavals. It can also refer to the reorganization of certain structures of the State or the army. The authorities have already adopted measures in the real estate sector in recent months to try to resolve the crisis.

Xi Jinping spoke on Friday in Beijing during a ceremony marking the 70th anniversary of the “Five Principles of Peaceful Coexistence”, one of the foundations of his foreign policy.

An important meeting of the Chinese Communist Party (CCP), the Third Plenum, generally devoted to major economic orientations, will be held in mid-July, state media announced on Thursday. Analysts expect the announcement of measures to support activity following this meeting.

The Chinese central bank also called on Friday to “accelerate the construction of a new development model for real estate”. This sector, which has long been an essential engine for growth, is now moribund with many groups over-indebted or on the verge of bankruptcy and construction sites at a standstill.

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