Space Travel News
TRADE WARS
China zeroes in on weak consumption at key economic meeting
China zeroes in on weak consumption at key economic meeting
by AFP Staff Writers
Beijing (AFP) Dec 12, 2024

China on Thursday vowed to boost domestic consumption next year, state media said, as leaders grappling with sluggish demand concluded a key economic policy meeting.

Top leaders at the meeting, including Chinese President Xi Jinping, vowed to next year implement a "moderately loose" monetary policy, increase social financing and reduce interest rates "at the right time", according to state broadcaster CCTV.

The annual Central Economic Work Conference (CEWC) was being closely watched for signs of major stimulus measures to boost household spending, which analysts say are needed to get the economy humming smoothly again.

China's senior policymakers also laid out several "key tasks" to be carried out next year, including "vigorously" boosting consumption, stabilising foreign trade and halting the real estate market's fall, CCTV said.

Beijing has in recent months unveiled various measures to boost the economy as leaders race to achieve an official growth target this year of around five percent.

President Xi said on Tuesday that China had "full confidence" in achieving that goal.

Among the tasks for leaders at the CEWC is to fix the government's official growth goal for the following year, though it is not usually made public for several months.

The IMF in October revised down its forecast for China's economic growth this year to 4.8 percent.

The International Monetary Fund expects that figure to slow further to 4.5 percent next year.

Julian Evans-Pritchard of Capital Economics said while the readout from Beijing showed plans to adopt a more supportive policy stance in 2025, it remained unclear how big a boost there would be.

While it was clear China would benefit from policy easing in 2025, Beijing may have to deal with stronger headwinds, "most obviously on the external front", he added.

"So while we may get a near-term stimulus bounce, we're still not convinced that policy support will prevent the economy from slowing further next year," said Evans-Pritchard.

Former US president Donald Trump -- who returns to the White House next month -- unleashed a brutal trade war with China during his first term, decrying alleged intellectual property theft and other "unfair" practices.

He has pledged to impose even higher tariffs on the world's second-largest economy after taking office on January 20.

Xi warned on Tuesday that "there will be no winners" in a trade war, which he said goes "against historical trends and economic rules".

pfc-mya/sco

ING Groep

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
China's leaders to chart economic plans for 2025: report
Beijing (AFP) Dec 11, 2024
China's leadership will gather Wednesday to hammer out plans to boost the economy next year, reports said, as they look to address weak domestic demand and the possibility of a deepening trade war with the United States. The annual Central Economic Work Conference (CEWC) is being closely watched by investors for signs of coming stimulus to kickstart growth, which has been hampered by sluggish consumption and a protracted crisis in the property sector. Beijing is also strapping in for four more y ... read more

TRADE WARS
TRADE WARS
Liquid on Mars was not necessarily all water

Purdue scientist expecting new world to reveal itself to Mars rover

China's Tianwen-1 probe reveals new insights into Martian internal gravity waves

Mars Ocean Analogs Completes Winter Solstice Voyage and Plans Future Expeditions

TRADE WARS
NASA delays crewed Artemis II launch to April 2026 after heat shield issues

NASA delays crewed lunar landing to 2027

Lunar research station advances global collaboration and talent development

KSAT teams with Starsite to establish lunar support site in Western Australia

TRADE WARS
Magnetic tornado is stirring up the haze at Jupiter's poles

Uranus moons could hold clues to hidden oceans for future space missions

A clue to what lies beneath the bland surfaces of Uranus and Neptune

Europa Clipper deploys instruments on journey to icy moon of Jupiter

TRADE WARS
Unveiling a hydrogen-controlled nano-switch in electron transport proteins

Scientists examine role of iron sulfides in life's origins at early Earth hot springs

Towards independent robotic exploration of ocean worlds

A caving expedition highlights the complexities of field research

TRADE WARS
SpaceX launches 23 more Starlink satellites

Rocket Lab prepares to launch Synspective EO satellite

Iran launches heaviest space payload into orbit: media

India launches European 'artifical eclipse' satellites

TRADE WARS
China boosts Lunar and Mars mission capabilities with advanced Long March rockets

Long March 12 set for inaugural launch from Hainan space center

China inflatable space capsule aces orbital test

Tianzhou 7 completes cargo Mission, Tianzhou 8 docks with Tiangong

TRADE WARS
PSI researchers confirm new main-belt comet

Massive asteroid strikes left no lasting impact on Earth's climate

New evidence of organic reservoirs found on Ceres

NASA-led team links comet water to Earth's oceans

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.