China's Leadership Consults on Economic Policy

China's leadership is discussing economic policy at the Third Plenary Session amidst challenges such as slow growth, a real estate crisis, declining consumption, and an aging population. The second quarter saw GDP growth of only 4.7%, lower than expected.

State President Xi Jinping presents a reform resolution, but only modest changes are expected. The newspaper of the Communist Party warns of no major shift in direction.

Experts anticipate discussions on long-term structural reforms. The IMF recommends boosting domestic demand.

The Third Plenum aims to address economic challenges, set goals for 2035, and assure foreign businesses. The real estate sector continues to decline, and trade disputes with the West persist.

China's economy is facing complex external factors, including inflation and geopolitical conflicts. The government plans to support the high-tech industry, housing, and consumption.

Measures to support the property market are expected. Despite the challenges, reforms are intended to bring about a turnaround and resolve issues like high unemployment.

The economy is also impacted by weak domestic demand and high debt in municipalities.