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Foreign business groups in China on Friday praised the Communist Party’s goal of creating a “fairer” market environment but stressed they would wait and see whether there would be major changes in Chinese economic policies.
“While the statement did not provide enough detail to determine whether major policy changes will be made, it is positive that China’s leaders once again recognized the many headwinds facing the country’s economy and signaled their intention to deepen reforms to create a fairer and more dynamic market environment,” the European Union Chamber of Commerce in China wrote.
Noting that “there does not appear to be any deviation from current priorities [do Governo chinês]The business group said “this is to balance economic recovery with national security considerations while maintaining social stability” and “will closely monitor all measures taken.”
The German Chamber of Commerce in China said that members “look forward to more guidance and clarification on economic stimulus measures and reforms. On the contrary, it seems that we must prepare for a policy characterized by prudence and continuity”, he stressed.
A statement issued at the end of the Third Plenary Session of the 20th Central Committee of the Communist Party of China pointed out that the focus of the meeting was to achieve self-sufficiency and a “high-quality” economic growth strategy.
“High-quality development is the main task of building a modern socialist country in an all-round way,” read the document released shortly after the meeting. The task must be completed by 2029, the 80th anniversary of the founding of the People’s Republic of China.
The statement stressed that “national security is an important foundation for the stable and long-term development of China’s modernization” and pointed out that “the leadership of the Party is the fundamental guarantee for achieving this goal.”
Open your arms
In the eyes of Xi Jinping, China’s most powerful leader in recent decades, China must achieve “real” growth and become a world-class industrial and technological power with an economy based on the production of value-added goods and the efficient allocation of resources.
The most positive sign for foreign businesses was the paragraph related to openness, which the statement considers a “defining feature” of China’s modernization.
“We will expand institutional opening-up and deepen structural reforms in foreign trade. [e] The document said that the internal and external investment management system will continue to be reformed.
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