CHINA CEWC readout states priorities for 2024 policy; will plan new round of fiscal reforms; will speed up construction of new model for real estate development

ECONOMIC COMMENTARY:

• To 'establish first before demolishing' for economic work next year.


• To insist on seeking progress while maintaining stability and to promote stability with progress.


• Necessary to overcome some difficulties and challenges in promoting the economic rebound.


• Says economy is recovering and improving.


• China will consolidate and enhance economic recovery.


• Will fend of risks in key areas.


• Will improve the resilience of supply chains.


• Will promote the development of private firms.

MONETARY POLICY:

• Will strengthen counter-cyclical and cross-cyclical macro policy adjustments.


• Will keep liquidity reasonably ample.

FISCAL POLICY:

• China will implement structural tax and fee reduction policies, and fiscal sustainability.


• Will plan new round of fiscal and tax institutional reform, implement financial institutional reform.

BANKING/REAL ESTATE:

• To encourage development of VC and equity investment.


• Will speed up construction of new model of real estate development, coordinate the resolution of local debt risks and stable development.


• Will accelerate construction of affordable housing.


• Will diffuse local debt risks.


• Necessary to coordinate and resolve risks of real estate, local debt, small and medium-sized institutions.


• Will crack down in illegal financial activities.


• Will guide financial institutions to boost science and technology innovation, green transformation, small and medium-sized enterprises, and digital economy.

TECH:

• Will promote new industrials, develop the digital economy, accelerate development of AI.

AGRICULTURE:

• Will ensure stable and secure supply of food and other important agricultural products.

12 Dec 2023 - 11:02- Fixed IncomeImportant- Source: Newswires