Xi chairs CPC leadership meeting to analyze economic situation, work
Image: FILE
The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Friday to analyze and study the current economic situation and economic work.
Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.
It was noted at the meeting that the country has seen its economy improve this year, with public confidence continuously boosted and solid progress made in high-quality development.
However, the foundation for the country's sustained economic recovery needs to be further consolidated, and the country faces increasing impact from external shocks, the meeting said.
The meeting urged preparing for worst-case scenarios with sufficient planning and taking concrete steps to do a good job in economic work.
The meeting noted that it is imperative to coordinate domestic economic work and endeavors in the international economic and trade field, unswervingly manage the country's affairs well, stay committed to expanding high-standard opening up, focus on keeping employment, businesses, markets and expectations stable, and deal with the uncertainty of drastic changes in the external environment with the certainty of the country's high-quality development.
The meeting called for efforts to accelerate the implementation of more proactive and effective macro policies and make full use of a more proactive fiscal policy and a moderately loose monetary policy.
Key measures include quickening the issuance and utilization of local government special-purpose bonds and ultra-long special treasury bonds and timely cuts in the reserve requirement ratios and interest rates to ensure ample liquidity and stronger support for the real economy, according to the meeting.
New structural monetary policy instruments and policy-based financial instruments will be established to foster technological innovation, expand consumption and keep foreign trade stable.
Efforts will be made to increase the earnings of low- and middle-income groups and boost service consumption to strengthen the role of consumption in driving economic growth, the meeting said.
The meeting called for a swift removal of restrictive measures in the consumption sector and proposed to introduce a re-lending facility for service consumption and elderly care.
To aid businesses facing challenges, the meeting urged a multi-pronged approach, including stronger financial support and accelerating integration between domestic and foreign trade development.
Work will be done to cultivate new pillar industries, introduce a "sci-tech board" in the bond market and speed up the implementation of the AI Plus initiative, according to the meeting.
The meeting emphasized that China should stay committed to deepening reform and opening up to solve the problems in the course of development.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
20 hours ago
- IOL News
17th BRICS Summit as India emerges as the fastest-growing economy globally
Russia hosted the BRICS Summit in 2024. In April this year, BRICS foreign ministers failed to issue a joint communique due to disagreements over advocating for permanent UN Security Council seats for Brazil, India, and South Africa. Image: AFP THIS week, all eyes will be on the upcoming 17th BRICS Summit that will be held in Brazil from the July 6 to 7. The summit convenes at a moment of profound contradiction between the bloc nations. The contradictions are outlined in the recent South China Morning Post article titled 'Questions loom at BRICS Rio summit about group's effectiveness,' illustrating the following. In April, BRICS foreign ministers failed to issue a joint communique due to disagreements over advocating for permanent UN Security Council seats for Brazil, India, and South Africa. The summit's significance is further underscored by the absence of key leaders: Chinese President Xi Jinping will not attend for the first time, sending Premier Li Qiang instead, while Russian President Vladimir Putin will appear via video, with Foreign Minister Sergey Lavrov attending in person. These developments reflect ongoing uncertainties about BRICS' future direction. As the South China Morning Post observed: 'The prospects for a convincing show of unity are unclear at best,' a sentiment echoed by diplomats preparing for contentious negotiations on trade, currency mechanisms, and geopolitical positioning. This is as Egypt and Ethiopia, newly admitted members into the BRICS bloc, blocked the deliberations supporting South Africa's UN Security Council bid (exposing how expansion may have exacerbated rather than resolved tensions, especially among the new included African nations in BRICS). Yet weeks later, the same countries aligned to sign a statement condemning American and Israeli military strikes on Iran, a newer BRICS member, calling the attacks violations of international law. As the bloc itself grapples with divisions that threaten its cohesion, Morgan Stanley has recently projected that BRICS plus nation India will outpace all major economies in 2025–26. This dichotomy presents India with both an opportunity and a test as it prepares to assume the BRICS chairpersonship in 2026. The question is whether New Delhi can leverage its economic momentum to steer the fracturing alliance toward meaningful cooperation? The latest Morgan Stanley Global Investment Committee report (The India Opportunity) paints a striking picture of divergence. India's economy is forecast to grow at 5.9% in 2025 and accelerate to 6.4% in 2026 (Q4/Q4), the strongest performance among major economies. This growth, as expanded by Morgan Stanley, is driven by domestic investment surges, structural reforms, and thriving equity markets, which stand in stark contrast to the broader global slowdown. The US is projected to grow at just 1%, the Eurozone below 1%, and China at 4.0%, a convergence of weakness that makes India's trajectory all the more remarkable. 'India remains the fastest-growing economy in our coverage,' Morgan Stanley affirmed, maintaining its 'overweight' recommendation alongside Singapore and the UAE. This endorsement underscores India's emergence as the sole bright spot in an otherwise dim global landscape. India's impending BRICS leadership arrives at a pivotal juncture. Its economic projections offer tangible leverage to advance two critical agendas: Institutional Reform: The bloc's failure to unite on the United Nations Security Council expansion reveals structural flaws India must address, particularly in balancing new members' interests with core group priorities. The bloc's failure to unite on the United Nations Security Council expansion reveals structural flaws India must address, particularly in balancing new members' interests with core group priorities. Geopolitical Tightrope: Navigating Western partnerships, unipolarity, narrow nationalism and African disunity while maintaining BRICS solidarity will require deft diplomacy. The stakes are just too high for the Global South. For Africa and developing nations watching closely, India's story offers both inspiration and caution. Its diplomatic prowess, reform playbook, manufacturing incentives, and strategic foreign direct investment policies, provides a replicable model. Clearly, India, under the leadership of Prime Minister Narendra Modi, has come to understand the ideals of 'Restoration by Submission', which has seen India being able to manage the balance of power, which at its core fundamentally has been national interest and political will. Of course, even as India assumes a leading role, scepticism persists about its ability to bridge BRICS' internal divisions and forge genuine cohesion. Observers caution that prospects for meaningful unity remain "unclear at best." However, with India poised to dominate global economic narratives in the coming years, it may have no choice but to wield its growing influence to foster collaboration among its increasingly fractious partners. This challenge comes at a defining moment. In a decade marked by geopolitical upheaval and faltering leadership across traditional power centres, India's capacity to guide BRICS through internal crises and external pressures could prove transformative. The bloc's future and perhaps India's own global standing will hinge on how effectively it translates economic momentum into diplomatic breakthroughs.
IOL News
28-06-2025
- IOL News
President Xi Jinping says China, Senegal inject fresh impetus into Global South cooperation
President Xi Jinping meet with Prime Minister of Senegal Ousmane Sonko, who is in China to attend the 2025 Summer Davos Forum, in Beijing. Image: Ding Lin/ Xinhua / Xinhua via AFP China is willing to work with Senegal to strengthen solidarity and cooperation, deepen their comprehensive strategic cooperative partnership, bring more benefits to the two peoples, and inject fresh impetus into China-Africa friendship and Global South cooperation, Chinese President Xi Jinping said on Friday. Xi made the remarks when meeting with Prime Minister of Senegal Ousmane Sonko, who is in China to attend the 2025 Summer Davos Forum, in Beijing. The Chinese president noted that he co-chaired the 2024 Summit of the Forum on China-Africa Cooperation in Beijing with President Bassirou Diomaye Faye last September, leading China-Africa relations into a new phase of jointly building an all-weather China-Africa community with a shared future for the new era. Xi also said that China and Senegal should firmly support each other's independent and self-reliant development paths, strengthen party-to-party and governance exchanges, and continuously consolidate the foundation of political mutual trust. China and Senegal are partners and good brothers on the road to development and revitalization, Xi said, adding that China is willing to work closely with Senegal to implement the 10 partnership actions between China and Africa, carry out more people's livelihood projects, and encourage Chinese enterprises to invest in Senegal's renewable energy, digital infrastructure and other sectors, becoming partners for win-win cooperation. Noting China and Senegal each have their own unique culture, Xi said both countries should take the opportunity of the 2026 China-Africa Year of People-to-People Exchanges to strengthen exchanges in fields such as culture, education, tourism, sports and youth, and bring their peoples closer together, becoming friends of mutual civilizational learning. Both China and Senegal must firmly defend the international system with the United Nations at its core, practice true multilateralism, uphold global governance featuring extensive consultation, joint contributions and shared benefits, and jointly promote world peace, prosperity, and progress, Xi said. Sonko said China is a reliable partner for Senegal, and that the two countries have always respected each other, united in mutual assistance, with stable and resilient bilateral relations and good progress in cooperation in various fields. Senegal firmly adheres to the one-China principle and looks forward to deepening the comprehensive strategic partnership with China, advancing the joint construction of the Belt and Road Initiative, enhancing cooperation in trade, investment, energy and other fields, and contributing to Senegal's economic and social development, Sonko said. Both China and Senegal are members of the Global South with shared values, and Senegal is willing to closely cooperate with China on international and regional issues, firmly becoming China's strategic partner, promoting international fairness and justice, and safeguarding the common interests of the Global South, Sonko added. IOL
The Herald
26-06-2025
- The Herald
Putin will not go to Brics summit in Brazil due to ICC arrest warrant, Kremlin aide says
Russian President Vladimir Putin will not travel to next week's Brics summit in Brazil because of an outstanding arrest warrant issued against him by the International Criminal Court (ICC), Kremlin foreign policy aide Yuri Ushakov said on Wednesday. The ICC issued the warrant in 2023, just over a year after Russia launched its full-scale war against Ukraine, accusing Putin of the war crime of deporting hundreds of children from Ukraine. Russia denies allegations of war crimes and the Kremlin, which did not sign the ICC's founding treaty, has dismissed the warrant as null and void. But it means that Putin needs to weigh the risk he might be arrested if he travels to another country that is a signatory to the ICC treaty. In 2023 he decided against travelling to one such country, South Africa, for a Brics summit. But last year he was given a red-carpet welcome in Mongolia, even though it is an ICC member state. Ushakov said Putin would take part via video link in the July 6-7 Brics summit in Brazil. 'This is due to certain difficulties, in the context of the ICC requirement. In that context, the Brazilian government could not take a clear position that would allow our president to participate in this meeting,' Ushakov said. Russian foreign minister Sergei Lavrov will travel to the summit to represent Russia. According to media reports, Chinese President Xi Jinping will skip the summit. Reuters
