Politics
Xi Jinping calls for major reform measures ahead of summit meeting
China has been struggling to revive its growth since abandoning its strict health policy against Covid-19 at the end of 2022. The world's second-largest economy is in the grip of a real estate crisis, continued low consumption and a high unemployment rate among young people.
“We are now working to design and implement important measures to deepen reform on all fronts, and continue to expand institutional opening-up to create a business environment more in line with market rules, laws and international standards,” 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 size of which exceeds that of all developed countries combined. China's doors will always open wider and will never close, he stressed.
Third Plenary. 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.
A major meeting of the Chinese Communist Party (CCP), the Third Plenum, usually devoted to major economic directions, will be held in mid-July, state media announced Thursday. Analysts expect the announcement of measures to support activity at the end of 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 a number of groups over-indebted or on the verge of bankruptcy and construction sites at a standstill.
Mediator. 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. We will work to find solutions with Chinese characteristics on major issues and play a constructive role in Ukraine, the Israeli-Palestinian conflict or even Iran or Afghanistan, promised the Chinese president.
China is regularly criticized by Westerners because it has never condemned Russia for its invasion of Ukrainian territory. However, it calls for respect for the territorial integrity of all States – including Ukraine. The Asian giant also increasingly intends to play a role as mediator in conflicts in the Middle East.
France Media Agency
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