China’s Leadership Vows to Avoid Systemic Financial Risk in 2020
(Bloomberg) -- China’s leaders vowed to avoid systemic financial risks next year and keep growth in a “reasonable range,” state-run Xinhua News Agency reported, citing a Poliburo meeting in Beijing on Friday, as the economy stutters with its slowest growth in decades.
The monthly gathering of the 25-member Politburo, chaired by President Xi Jinping, came ahead of a key planning meeting known as the Central Economic Work Conference, which will decide targets for 2020, including how much the government should spend and what the growth rate should be.
“Risks and challenges at home and abroad have risen significantly,” Xinhua reported, citing a statement from the meeting.
China’s economy grew 6% in the third quarter, the slowest rate in decades. Early indicators point to a further slowdown in November and into next year, with a worsening picture for trade, sentiment and factory prices.
The Politburo meeting concluded that the basic long-term trend of a stable Chinese economy remains, while pointing to challenges from overseas powers. “We must turn external pressure into a strong driving force for deepening reform and opening wider to the outside world, and concentrate on running our own affairs well,” Xinhua said.
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