Chinese President Xi Jinping (習近平) yesterday said that the Chinese Communist Party was planning and implementing “major” reforms, ahead of a political conclave that is expected to put economic recovery high on the agenda.
Chinese policymakers have struggled to reignite growth since late 2022, when restrictions put in place due to the COVID-19 pandemic were lifted.
The world’s second-largest economy is beset by a debt crisis in the property sector, persistently low consumption and high unemployment among young people.
Photo: AP
Policymakers “are planning and implementing major measures to further deepen reform in a comprehensive manner,” Xi said in a speech at the Great Hall of the People in Beijing. “We will ... form a more market-oriented, legal and international business environment.”
“China’s door will only open wider and wider, and will never be closed,” he added.
Xi has touted the promise of significant reform several times this year and the government has already enacted measures in key sectors such as real estate to try to address critical issues.
On Thursday, it was announced that the delayed Third Plenum — a meeting historically watched for signals on economic policy direction — would take place in Beijing in the middle of next month.
The key meeting of top officials, originally expected last year, is highly anticipated in the hopes it might resolve the uncertainty that has weighed on China’s economy.
The People’s Bank of China later yesterday pledged to “promote the implementation of the financial policies and measures already issued, and push for the stable and healthy development of the real-estate market.”
It would “promote the accelerated construction of a new model for real estate development,” the central bank said in a statement.
The Ministry of the Interior (MOI) is to tighten rules for candidates running for public office, requiring them to declare that they do not hold a Chinese household registration or passport, and that they possess no other foreign citizenship. The requirement was set out in a draft amendment to the Enforcement Rules of the Public Officials Election and Recall Act (公職人員選舉罷免法 ) released by the ministry on Thursday. Under the proposal, candidates would need to make the declaration when submitting their registration forms, which would be published in the official election bulletin. The move follows the removal of several elected officials who were
The Republic of China (ROC) is celebrating its 114th Double Ten National Day today, featuring military parades and a variety of performances and speeches in front of the Presidential Office in Taipei. The Taiwan Taiko Association opened the celebrations with a 100-drummer performance, including young percussionists. As per tradition, an air force Mirage 2000 fighter jet flew over the Presidential Office as a part of the performance. The Honor Guards of the ROC and its marching band also heralded in a military parade. Students from Taichung's Shin Min High School then followed with a colorful performance using floral imagery to represent Taiwan's alternate name
FOUR DESIGNATED AREAS: Notices were issued for live-fire exercises in waters south and northwest of Penghu, northeast of Keelung and west of Kaohsiung, they said The military is planning three major annual exercises across the army, navy and air force this month, with the navy’s “Hai Chiang” (海強, “Sea Strong”) drills running from today through Thursday, the Ministry of National Defense said yesterday. The Hai Chiang exercise, which is to take place in waters surrounding Taiwan, would feature P-3C Orion maritime patrol aircraft and S-70C anti-submarine helicopters, the ministry said, adding that the drills aim to bolster the nation’s offshore defensive capabilities. China has intensified military and psychological pressure against Taiwan, repeatedly sending warplanes and vessels into areas near the nation’s air defense identification zone and across
A Chinese takeover of Taiwan would severely threaten the national security of the US, Japan, the Philippines and other nations, while global economic losses could reach US$10 trillion, National Security Council Deputy Secretary-General Lin Fei-fan (林飛帆) wrote in an article published yesterday in Foreign Affairs. “The future of Taiwan is not merely a regional concern; it is a test of whether the international order can withstand the pressure of authoritarian expansionism,” Lin wrote in the article titled “Taiwan’s Plan for Peace Through Strength — How Investments in Resilience Can Deter Beijing.” Chinese President Xi Jinping’s (習近平) intent to take Taiwan by force
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