Chinese Communist Party Scrounges For Ways To Revive Economy

In a year of major elections that will determine the destinies of many countries, China’s ruling Communist Party is holding closed, top-level meetings in Beijing to set strategies for reviving its slowing economy, Elaine Kurtenbach reported for the Associated Press (AP).

China's economy grew at a 4.7% annual pace in the last quarter, down from 5.3% in January-March.

Nearly a half-century after the late leader Deng Xiaoping launched China’s ascent as a manufacturing powerhouse, the party is doubling down on leader Xi Jinping’s blueprint for technology- and national security-focused development.

Economists say it’s unclear if that will fix the chronic problems dragging on the economy, including a weak job market, massive local government debts, and a prolonged slump in the property industry.

While those problems are mostly domestic headaches, the health of the world’s second-largest economy has an impact way beyond its borders, affecting business activity, financial markets, and job opportunities across the globe.

Recently, the government reported that the economy grew at a 4.7% annual pace in the last quarter, down from 5.3% in January-March.

In quarterly terms, it slowed to 0.7% from 1.5%. Property sales fell nearly 27% for the year through June from a year earlier, and retail sales increased only 2% in June, the lowest level since the coronavirus pandemic.