Growth Rate Wavers... China Economic Policy Predicts 'Straightforward' Approach

Despite downward economic pressures, China is expected to maintain its existing policy direction and continue its 'straightforward' approach. As major policy meetings to establish the country's future development plans are underway, the Communist Party's academic journal has called for firm belief and commitment to the already established development path.

On the 17th, Hong Kong's South China Morning Post (SCMP) reported that the Communist Party's key theoretical journal, Qiushi, published a report the previous day with the slogan "Maintain confidence and self-reliance." The report urged party members to show firm belief and commitment to the development path China has set for itself, while warning that there are no "ready-made solutions" or "foreign instruction manuals."

[Image source=Reuters Yonhap News]

The report also stated, "The Chinese economy has not collapsed due to the 'China collapse theory,' nor will it stop growing due to rhetoric claiming China has peaked," and included excerpts from a past speech by Chinese President Xi Jinping saying, "China's development prospects are bright, and we have faith and confidence in that."

SCMP explained, "China will adhere to a development strategy focused on technology, advanced manufacturing, and other competitive sectors," adding, "This may differ from the general Western understanding of 'reform' as market liberalization, but it aligns with President Xi's vision to achieve the 'great rejuvenation' goal by 2049."

Earlier, the state-run Xinhua News Agency stated, "President Xi is determined to continue reforms despite knowing how difficult they are and not resting on the achievements of his predecessors," listing the reform achievements of the past decade. Xinhua also described Xi as "another outstanding reformer after Deng Xiaoping," emphasizing that since taking office, he has presided over 72 meetings and directly overseen the Foden reform system.

She Maosong, senior researcher at Tsinghua University's National Strategy Institute, evaluated that the official message published in Qiushi shows that President Xi will not deviate from the path he has chosen and aims to institutionalize the 'reform' brand as an important political legacy.

Deng Weiyuan, former deputy editor-in-chief of the Central Party School's official newspaper Xuexi Shibao, warned that as dissatisfaction with the economic downturn grows, the party must be cautious of losing public support. Deng emphasized, "Recent U.S. surveys show that Chinese people tend to attribute their low economic status not to a lack of ability but to unequal opportunities and unfair systems," adding, "The public wants more upward mobility, fairer job opportunities, and basic necessities like food safety. The party must demonstrate that it can achieve these goals."