Recent remarks from Chinese supremo Xi Jinping signal a possible shift in the country’s economic approach, observers say, with the Chinese government possibly preparing for more aggressive measures in 2025.
Ms Guo Shan, partner at Hutong Research, told CNA that while China’s economic landscape has altered, top leaders seem to have already accepted the reality – that the growth target is unlikely to be met.“This is likely due to the economy’s structural soundness, with auto sales improving, employment stabilising, and high-tech industries outperforming,” Ms Guo said.“The leadership appears more focused on addressing long-term structural issues (rather) than hitting an exact GDP figure.
Ms Guo believes that while the real estate market is still on track for a gradual recovery, the central government is unlikely to introduce new policies to support it in the near term.“The local government issued a lot more local government bonds in August, which can be used to purchase housing stock if needed,” she noted.“So the central government does not really need to intervene at this moment.“From our point of view, as long as developers have the money to complete their existing projects, Beijing is not interested in saving the real estate sector.
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