China outlines strategy to meet economic challenges, from power crisis to Evergrande woes
- Chinese state media have released a 10 point article outlining how the government is managing economic risks
- The report, based on interviews with experts, covers areas such as power outages, trade and regulatory tightening
China’s campaign to “curb the disorderly expansion of capital” across several sectors of the economy is on track to ease as the government shifts focus toward bolstering growth, according to a tone-setting commentary issued by state media.
The report from the official Xinhua News Agency, which was republished by major newspapers including Securities Times and People’s Daily, outlined how the government was managing the 10 most pressing challenges facing the world’s No 2 economy.
The commentary comes on the heels of weaker-than-expected growth in the third quarter of 4.9 per cent, down from 7.9 per cent in the second quarter and 18.3 per cent in the first.
The latest quarterly economic data could partly be explained by fading low-base effects, but was still stronger than many economies around the world.
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Xinhua said boosting private consumption and investment was high on the new economic agenda for Beijing as growth plateaus. But the central government would not return to “the old playbook” of monetary and fiscal spending to “flood the economy”.