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Xi says China must implement 'more proactive' macroeconomic policies in 2025

Xi says China must implement 'more proactive' macroeconomic policies in 2025

 

President Xi Jinping said China will implement “more proactive” macroeconomic policies next year, state media reported, as he addressed a top political advisory body on Tuesday.

China's Xi Jinping delivers his 2025 New Year message
China's Xi Jinping delivers his 2025 New Year message. Photo: CCTV screenshot.

The country has struggled this year to emerge from a crisis fueled by a housing market crisis, weak consumption and rising public debt.

Beijing has unveiled a series of aggressive measures in recent months aimed at supporting growth, including cutting interest rates, removing restrictions on home purchases and easing the debt burden of local governments.

But economists have warned that more direct fiscal stimulus aimed at supporting domestic consumption is needed to restore China's economy to full health.

“We need… to further deepen reform, expand high-level opening-up, better coordinate development and security, (and) implement more proactive and effective macroeconomic policies,” Xi was quoted as saying by the state television channel CCTV, to the Chinese National People's Political Advisory Committee. Conference during a New Year's tea party.

YouTube videoYouTube video

Later, in a televised address to the nation, Xi admitted that there were still obstacles to overcome.

“The current economic functioning is facing new situations, challenges due to the uncertainty of the external environment and the pressure of transforming old growth engines into new ones, but these can be overcome through a hard work,” he said.

Beijing is aiming for growth of around 5% this year, a target that authorities have expressed confidence in achieving but that many economists believe it will narrowly miss.

“The new quality productivity is developing steadily and the annual GDP is expected to grow by about five percent,” Xi reiterated before the National Committee on Tuesday.

The International Monetary Fund projects that China's economy will grow 4.8% this year and 4.5% next year.

“Short-term increase”

Xi's comments come as Chinese authorities release upbeat factory activity figures, a sign that recent stimulus measures may be starting to take effect.

China's purchasing managers' index (PMI) — a key measure of industrial production — was 50.1 in December, marking a third straight month of expansion, the National Bureau of Statistics said Tuesday.

This figure is lower than Bloomberg analysts' forecast of 50.2, but still above 50, indicating an expansion in manufacturing activity.

A reading below that shows contraction.

Chinese Yuan. Archive photo: Moerschy, via Pixabay.Chinese Yuan. Archive photo: Moerschy, via Pixabay.
Chinese Yuan. Archive photo: Moerschy, via Pixabay.

The key indicator slipped for six months in the middle of the year before returning to expansion territory in October.

The non-manufacturing PMI, which measures activity in the services sector, stood at 52.2 in December, up from 50.0 in November.

“Official PMIs suggest the economy gained momentum in December, driven by faster growth in the services and construction sectors,” Gabriel Ng of Capital Economics wrote in a note to his colleagues on Tuesday. customers.

“Increased political support towards the end of the year clearly boosted short-term growth,” Ng wrote.

Ng noted that export orders in particular hit a four-month high in December, “likely helped by U.S. importers increasing their orders ahead of possible (Donald) Trump tariffs” when the president-elect will take office in January.

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Beijing, China

Article type: Press service

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