China Shifts Back to Pro-Growth Strategy
The Chinese economy isn’t doing very well. In the wake of the deteriorating economic conditions, the Chinese government has decided…
The Chinese economy isn’t doing very well. In the wake of the deteriorating economic conditions, the Chinese government has decided to shift to a pro-growth agenda, focusing more on building up its GDP and less on the Chinese Communist Party’s ideology. Politburo, the country’s top policy-making body, is reportedly drafting a plan to help grow the economy by more than 5% in 2023.
He Lifeng, the head of the National Development and Reform Commission, attended a meeting in October and called for boosting the real estate sector, easing COVID-19 controls, and encouraging investor confidence.
The meeting came a month before protests broke out across the country due to the zero-COVID policy. Chinese citizens are suffering severe economic impacts from the coronavirus restrictions. The government has pursued policies for nearly three years forcing businesses and residents to go on lockdowns when doctors detect just one case of the virus.
In recent weeks, the country has finally started to lift some of its restrictions, leading to a wave of COVID-19 cases. Government officials have also begun reexamining the policies in the technology sector, one of the hardest hit in the recent wave of CCP regulatory campaigns. The changes might allow a ride-hailing company to begin operating again, suffering a ban from domestic app stores.
Do you think the Chinese government is finally listening to its residents?