China's Xi promises 'major' reforms ahead of key policy meeting

 

Chinese President Xi Jinping said Friday the ruling Communist Party is planning and implementing “major” reforms, ahead of a closely watched political conclave that is expected to put economic recovery at the top of the agenda.

Chinese policymakers have been struggling to revive growth since the end of strict health restrictions linked to the Covid-19 pandemic in late 2022.

The world's second-largest economy is beset by a housing debt crisis, continued weak consumption and high youth unemployment.

Xi said in a speech Friday that policymakers are “planning and implementing major measures to further deepen reform in a comprehensive manner.”

“We will… create a more market-oriented, more legal and more international business environment,” he said.

“The door to China will only open wider and wider and will never close.”

Xi has touted the promise of meaningful reforms several times this year and the government has already adopted measures in key sectors such as real estate to try to address critical problems.

It was announced Thursday that the delayed third plenum – a meeting historically watched for signals about the direction of economic policy – ​​will be held in Beijing in mid-July.

The key meeting of top officials, originally scheduled for last fall, is widely anticipated amid hopes it can resolve uncertainty weighing on China's economy.

The People's Bank of China (PBOC), the country's central bank, pledged later Friday to “promote the implementation of already issued financial policies and measures and promote the stable and healthy development of the real estate market.”

“(We will)…promote the accelerated construction of a new real estate development model,” the PBOC said in a statement.

“Tide of History”

Xi's speech at the lavish Great Hall of the People in Beijing, delivered to a high-level international audience, marked the 70th anniversary of some of China's core diplomatic principles.

The five principles of peaceful coexistence include mutual respect for territorial integrity, mutual non-aggression, mutual non-interference in internal affairs, equality and cooperation for mutual benefit and peaceful coexistence.

Xi Jinping hailed China as a force for world peace, saying in his speech that Beijing would continue to play a “constructive role” in international conflicts such as those in Gaza and Ukraine.

China has been criticized by Ukraine's allies for failing to condemn Russia's 2022 invasion and accused of favoring Moscow. Beijing insists it is a neutral party.

In the Middle East, China has for decades advocated a two-state solution to the Israeli-Palestinian conflict.

In his speech, Xi called for greater cooperation between China and developing countries.

“To engage in practices of decoupling small courtyards from high walls is to go against the flow of history,” Xi said.

“This would only harm the common interests of the international community. »

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Beijing, China

Article Type: Press Service

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