From CNBC: 2024-07-19 02:58:18

Top Chinese officials emphasized focusing on internal affairs amid trade tensions. Goals include stable real estate development, emerging industries, and domestic demand. The recent Third Plenum discussed boosting tech and economic targets. Deputy director Mu Hong affirmed commitment to reform despite slower GDP growth and calls for stimulus.
Investment in real estate dropped by 10.1% in the first half of the year, with residential sales down over 20% from last year. Director Han noted the “systemic impact” of real estate on the economy and plans to absorb existing housing inventory while optimizing new construction. Challenges remain for the Chinese economy, requiring stronger macro policy. The plenum’s resolution includes improving the macroeconomic governance system.

Read more: Facing trade tensions, China says it will focus on its own economy