The Central Economic Work Conference Setting China's Economic Policy Direction Likely to Be Held Next Week

Chinese President Xi Jinping is delivering a keynote speech via video at the opening ceremony of the 4th China International Import Expo (CIIE) held in Shanghai on the 4th of last month.
[Image source=Yonhap News]

China is reportedly set to hold the Central Economic Work Conference next week to determine its economic policy direction for the coming year.

Hong Kong's South China Morning Post (SCMP) cited an anonymous source on the 4th, reporting that the Central Economic Work Conference is scheduled to take place over three days starting from the 8th at the Jingxi Hotel in Beijing.

The Central Economic Work Conference is held privately with hundreds of attendees, including China's top policymakers such as President Xi Jinping, Premier Li Keqiang, Vice Premier Liu He, senior local government officials, and representatives of state-owned enterprises. It is usually held every December. Last year, it was held from December 16 to 18.

This year’s Central Economic Work Conference is expected to deeply discuss measures to stabilize the economy next year. China’s economy is rapidly cooling due to the Evergrande default crisis and contraction in the real estate industry, global surges in raw material prices, and power shortages.

China’s quarterly economic growth rate rose to 18.3% in the first quarter, boosted by the base effect from the COVID-19 pandemic, but fell below 5% in the third quarter. The Central Economic Work Conference is also expected to tentatively set China’s economic growth target for next year. However, this figure will be publicly disclosed at the National People’s Congress plenary session in March next year.

There is speculation that China will set an economic growth target in the 5% range, which is lower than the 'around 6%' growth rate target set for this year.