China ramps up economy-boosting rhetoric ahead of critical conference

China’s top leadership has made “critical choices at a critical juncture” for the economy, a Xinhua commentary proclaimed on Wednesday as economic officials guiding the world’s second-largest economy were readying for their annual conclave to flesh out policies for 2025.

“The economy had fluctuations this year, particularly in the second and third quarters, but critical choices made by the top leadership headed by [President] Xi Jinping have got growth back on track,” said the 7,109-word article, which also ran on the front page of Communist Party mouthpiece People’s Daily.

“China is at a critical stage of transformation and upgrading for high-quality development, national rejuvenation and modernisation, but challenges are also mounting,” the article said, stressing that the policy choices, therefore, carry considerable weight at such a consequential time.

Analysts said the commentary aimed at ramping up emphasis on the nation’s economy and major decisions made by the top leadership recently, with more decisions expected at the central economic work conference. But they added that Beijing will continue to make hard choices and decisions next year as challenges are far from over.

“Beijing has the conviction that its slew of critical choices since September are paying off for the economy, but next year it will have to make more hard decisions and take concrete action,” said Li Xuenan, a finance professor with the Cheung Kong Graduate School of Business.

“The commentary is a detailed account of troubles, and of how the top leadership is viewing and tackling them. Initial results are encouraging, but the critical juncture facing the economy is far from over, with Donald Trump’s new trade war looming and stubbornly weak consumption at home.”

  

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