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Mia Nulimaimaiti

Frank Chen

President Xi Jinping has issued a rallying call to Chinese officials urging them to help keep the country on track to achieve this year’s growth target.
It was the first time Xi has spoken out about the economy since October 18, when China posted the lowest quarterly economic growth since the first quarter of last year.
The 4.6 per cent growth figure for the third quarter raised questions about whether the world’s second-largest economy could still meet its “around 5 per cent” growth target this year.
Xi’s comment meant achieving the target is still a paramount political objective.
“We must implement all existing and new policies, make effective efforts in the last two months, and strive to achieve the annual economic and social development goals for the year,” Xi told a study session for senior party officials on Tuesday, state broadcaster CCTV reported.
The meeting was attended by all members of the Politburo Standing Committee, the top decision-making body, and provincial party chiefs.
His speech followed a series of policy announcements over the past month, including cuts to mortgage rates for existing housing, reductions in the reserve requirement ratio for banks and swap operation tools to support the stock market.
It is widely expected that more fiscal stimulus measures will be unveiled during a meeting of the National People’s Congress Standing Committee next week.
This is a clear signal that provincial leaders are expected to make the economy their top priority.
Political scientist at Peking University
“This isn’t the first time Xi has emphasised a full-scale push for the economy. However, all Standing Committee members and the vice-president were present this time, and the audience to his speech included senior provincial officials,” said a political scientist with Peking University, speaking on condition of anonymity given the sensitivity of the topic.
“This is a clear signal that provincial leaders are expected to make the economy their top priority.
“I believe China’s economic growth this year can reach its full-year target, but the long-term transformation of China’s economy is facing difficulties.”
The third quarter growth figures leave the growth rate for the first nine months of the year at 4.8 per cent – short of the “around 5 per cent” target for this year.
“If Beijing expects local governments and ministries to make their best efforts to boost the economy, they need to be provided with more resources and flexibility; otherwise, it will be challenging for them to deliver,” the political scientist added.
During the session, Xi called cadres at all levels to promote reforms, establish a robust working mechanism with “clear responsibilities, complete chains and interlocking links” and improve the tracking of outcomes.
“Cadres, especially senior ones, carry the important responsibility of promoting reform and they should strengthen their sense of political accountability,” Xi said.
Last month, Xi urged officials in an unexpected Politburo meeting to help the private sector and mobilise officials to prioritise reviving the economy.
He reassured officials that they could take bold steps in boosting the economy without worrying about the consequences of making well-intentioned mistakes.


He also pledged to support high-quality international trade and economic rules; deepen reforms in the management of foreign trade, foreign investment, and outbound investment; and to create a first-class business environment that is market-oriented, rule-of-law-based, and internationally competitive.
This underscored the top leadership’s renewed commitment to attract foreign investors and boost confidence among international firms and the private sector after a 30.4 per cent drop in foreign direct investment in the first nine months of the year.
Prolonged weak domestic demand, escalating trade frictions, and downturns in the stock and housing markets have long been a major threat to Beijing’s growth ambitions.
Next week’s NPC meeting, expected to run between Monday and Friday, is expected to offer a window into Beijing’s fiscal stimulus plans and its possible response to the US elections.
Larry Hu, chief China economist at Macquarie Capital, wrote in a research note on Tuesday that Beijing is expected to approve 6 trillion yuan (US$841.6 billion) for local government debt swaps and 1 trillion yuan for bank capital injections.
“Policymakers will stick to the 5 per cent growth target. They can’t miss it, but they don’t want to over-deliver either,” he added.


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China

Beijing has already unveiled a series of stimulus measures, with more expected amid a final push to reach this year’s ‘around 5 per cent’ target


Beijing has already unveiled a series of stimulus measures, with more expected amid a final push to reach this year’s ‘around 5 per cent’ target.
