Translation Tag: real estate
Qu Qingshan, one of China’s top Party theorists, argues that developing and modernizing the financial system is an integral component in the pursuit of modernization and “rejuvenation of the Chinese nation.” He emphasizes that for China to be a strong player in the global financial system, several structural risks in the domestic finance industry must be addressed. This piece appears in one of the leading Party newspapers and echoes Xi Jinping’s recent emphasis on strengthening the financial system, signaling policy priorities.
Yao Yang, dean of the National School of Development (NSD) at Peking University, identifies three near-term challenges to China’s economic development. The first two—insufficient consumer demand and declining interest in real estate purchases — have both been affected by declining consumer confidence amid the COVID-19 pandemic and ensuing lockdown measures. The third challenge is the risk of recession in key export markets such as the United States and Europe, which may negatively affect Chinese exports. To address these challenges, Yao emphasizes the importance of policies designed to stabilize the real estate market, as well as measures to shore up consumer confidence (which he calls “more precious than gold”), such as direct payments to Chinese citizens. Yao suggests that Beijing should lead by example and implement a more “rational” approach to COVID-19 prevention and control. This speech was delivered to the China Economic Observation (CEO) conference just prior to the November 2022 protests across China opposing the Chinese government’s “dynamic zero-COVID” measures.
Official read-out from the April convening of the CCP Central Committee Political Bureau (“Politburo”), as well as accompanying analysis by Neican’s Adam Ni.