China’s economic vulnerabilities to be focus of 2021 work conference amid strong GDP forecast, analysts say
- Communist Party officials are expected to convene for the annual Central Economic Work Conference in coming days
- With headline growth likely to be strong next year, the focus is expected to be on addressing domestic economic risk
China’s leaders are expected to prioritise fixing social and economic weak links in 2021 – the year the ruling Communist Party celebrates its 100th anniversary – when they gather to take stock of the country’s economic performance in coming days, analysts said.
President Xi Jinping and hundreds of party officials are set to convene for the annual Central Economic Work Conference in Beijing to settle policies and targets for next year.
While authorities do not release the conference schedule beforehand, it is clear from a flurry of state media reports – including a front-page People’s Daily story praising China’s economic performance under Xi’s leadership – that the meeting is near.
With headline gross domestic product (GDP) growth rate set to be strong next year thanks to a low base in 2020, the focus of the work conference will likely be tackling economic vulnerabilities to offset an unstable external environment, according to Chinese government researchers and scholars.
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Beijing faces a range of pressing economic problems, including a mountain of local government debt, uneven economic recovery from the coronavirus pandemic and China’s testy relationship with the United States, which will enter a new chapter when Joe Biden assumes the presidency.