After months of unexplained delay, top officials from China’s ruling Communist Party are gathering in Beijing this week to signal the direction forward for the world’s second largest economy as it faces major economic challenges and friction with the West.
Stakes are high for the meeting, which takes place every five years and is known as China’s third plenum. It has historically been a platform for the party’s leadership to announce key economic reforms and policy directives. China is grappling with a property sector crisis, high local government debt and weak consumer demand — as well as flagging investor confidence and intensifying trade and technology tensions with the United States and Europe.
Economic challenges The high debt loads held by local governments and their shrinking income, linked to an ongoing property sector crisis, lie at the heart of China’s current economic woes. They’ll also be looking for signals on a new direction for real estate development and property sector policy in the wake of the industry crisis that’s seen dozens of Chinese developers default on their debts, which has, in turn, devastated investors, homebuyers and construction workers.
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