China's CPC Sets Economic Goals for Second Half of 2024

BEIJING, Aug. 7, 2024 — The Communist Party of China (CPC) convened on July 30 to assess the nation’s economic landscape and establish priorities for the latter half of 2024. This meeting, following the third plenary session of the 20th CPC Central Committee, aims to implement significant reform measures while addressing rising economic pressures. Observers noted that the CPC's commitment to high-quality development and robust macroeconomic policies reflects a determination to navigate potential economic challenges. The CPC Central Committee engaged with non-party experts to gather insights on the current economic climate and strategies for the upcoming months. The meeting emphasized the importance of reform, development, and stability, aligning with the principles established during the 20th National Congress and subsequent plenary sessions. The third plenary session outlined comprehensive reform objectives aimed at advancing Chinese modernization by 2029, with the recent meeting translating these long-term goals into actionable policies for 2024. Analysts, including Helga Zepp-LaRouche from the Schiller Institute, expressed optimism regarding the CPC's economic blueprint, suggesting it could enhance productivity and foster technological advancements. The meeting's outcomes were perceived as a positive signal, indicating that China possesses a robust policy toolkit to maintain its recovery trajectory and achieve its annual GDP targets. A key focus of the discussions was the need to bolster domestic demand, as consumer spending remains subdued. The CPC plans to shift economic policies to prioritize improving livelihoods and stimulating consumption, aiming to create a more balanced recovery in the domestic market.