China to Promote Stable Growth as Economic Pressures Increase

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The government’s annual closed-door conference issued guidelines to counter a protracted domestic economic slowdown. Here, Tiananmen Gate in Beijing.


Photo:

jason lee/Reuters

BEIJING—China will promote stable growth next year as pressures on its economy increase, including from the trade dispute with the U.S.

An economic blueprint from the end of an annual closed-door conclave that began Tuesday called for China to promote “stable growth,” according to the state-run Xinhua News Agency on Thursday. The plan is aimed at countering a protracted domestic slowdown that has seen growth slow to its slowest pace in decades.

While the conference wasn’t convened to address the trade war, the continuing trade dispute with the U.S. loomed heavily over the proceedings. The Xinhua statement noted “the challenge of domestic and external risks clearly increasing.”

The statement stuck to a previous goal of Beijing’s to double the size of the economy and income levels by 2020, compared with a decade earlier. It said that China should keep fiscal policy proactive and make monetary policy “flexible,” with the goal of lowering funding costs for the overall economy.

On the property market, Chinese leaders pledged to stabilize land prices, property prices and the market’s expectations, using more language on “stability” compared with their statement from last year’s economic conference.

This year’s statement also said China will establish a three-year plan for overhauling state-owned enterprises, without specifying details. It made no mention of an industrial policy that has been criticized by Washington as being protectionist, but said that China should create a batch of manufacturers that would be “globally competitive.”

Write to Chao Deng at [email protected]

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