The Chinese Communist Party (CCP) yesterday wrapped up a top-level meeting by endorsing policies aimed at advancing the country’s technological power and fortifying its national security.
A statement released when the four-day meeting ended provided only a broad-brush summary. More details are likely to emerge in the coming days.
“The current and future period is a critical time for comprehensively promoting the construction of a strong country and the great cause of national rejuvenation using Chinese-style modernization,” the statement said.
Photo: EPA-EFE
It said the tasks outlined in the meeting would be completed by 2029, the 80th anniversary of the founding of the People’s Republic of China.
The statement said it is necessary to coordinate development and security, a nod to concern that expanding national security enforcement is weighing on the economy.
However, it stressed that “national security is an important foundation for the steady and long-term development of Chinese-style modernization,” adding that the “leadership of the party is the fundamental guarantee” for achieving that goal.
The meeting also endorsed Chinese President Xi Jinping’s (習近平) repeated calls for “high-quality development,” signaling Beijing would continue to prioritize investing in technologies and encouraging companies to upgrade their equipment and knowhow at a time when China faces tightening restrictions on access to Western advanced technology, such as leading-edge computer chips and artificial intelligence.
“High quality development is the primary task of building a modern socialist country in an all-round way,” the statement said.
Foreign investors and markets were watching to see what the party might do to counter the slump in China’s real-estate sector and weak consumer confidence that has hindered China’s recovery from the COVID-19 pandemic.
Economic growth slowed to 4.7 percent on an annual basis in the second quarter, as investments in real-estate and property sales continued to decline despite a raft of measures aimed at encouraging families to buy housing.
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