Following this week’s Central Economic Work Conference, the Chinese leadership announced plans to stimulate domestic demand, prioritize the development of strategic industries and address the real estate crisis in 2024. This was reported by CNBC.
“The country needs to overcome a number of challenges, including insufficient demand, overproduction in certain sectors, weak social prospects and many hidden risks, to further stimulate the economy,” Chinese leaders said. said.
To solve these problems and restore GDP growth rates, a nine-point development plan was defined, which provides, among other things, for technological modernization of industry, supporting innovation and green technologies, attracting foreign investment and increasing food security.
The document states that the authorities will pay special attention to reducing risks in the real estate sector, solving debt problems of regions and local financial institutions, and full support to private companies.
Before that experts guess China’s national debt is rising to record levels.
Previously rating agency Moody’s downloaded According to China’s credit ratings for the first time since 1989.