Published 10/12/2024 11:42
The President of China, Xi Jinping, stated this Tuesday (10) that the country will continue to play the role of the biggest engine of global economic growth. The statement comes one day after Beijing announced its intention to “ease” the country’s monetary policy in 2025.
It is the first major change enacted by the Chinese Politburo since 2011. The country’s top leaders have also committed to a “more proactive” approach to fiscal policies, stabilizing the real estate and stock markets, while promising to “vigorously increase consumption”.
With the measure, China is trying to anticipate President-elect Donald Trump’s tariffs on exports to the United States. New measures are expected to be announced at China’s Central Economic Work Conference.
Chinese Premier Li Qiang has promised that Beijing will do everything in its power to boost domestic consumption as a way to support the country’s economic growth.
China will strengthen countercyclical measures (which act in opposition to the natural economic cycle of recession), and intensify the implementation of macroeconomic policies to support the economy, Li said during a meeting in Beijing with the heads of 10 international economic organizations, including the IMF. International Monetary Fund (IMF) and the World Bank, according to a report from the official Xinhua news agency.
The former president of Brazil and current president of the BRICS Bank, Dilma Rousseff, was present at the meeting.
The December meeting of the decision-making body sets the agenda for the Central Economic Work Conference, which lays out priorities for the following year, such as the annual growth target.
According to Bloomberg News, this conference is expected to begin on Wednesday (11), and its report could provide more clues about China’s policy plans.
Source: vermelho.org.br
