China's economy grew by only 4.7% in Q2 2024, below Bloomberg's forecast of 5.1%. The real estate crisis, aging population, and trade disputes are causing concerns.
State leader Xi is chairing a four-day meeting of the Central Committee of the Communist Party to discuss deepening reforms and advancing Chinese modernization. The meeting aims to address economic challenges and set a course for the future.
The focus is on supporting high-tech innovation and domestic consumption. China's target is 5% growth, but it may be missed.
The economy is facing weak consumption and property woes. Policymakers are looking for solutions amidst trade frictions and domestic challenges.
The meeting also aims to restore confidence among Chinese citizens and foreign investors. China's economic growth is losing momentum, and reforms are intended to bring about a turnaround.
The IMF suggests strengthening domestic demand to drive growth. The meeting is expected to generate long-term structural reforms for the country.
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