China Postpones Economic Meeting Due to COVID Outbreak
As a result of an increase of COVID-19 infections in Beijing, China is postponing a significant economic gathering, according to a report by Bloomberg News on Tuesday.
The Central Economic Work Conference, which will take place behind closed doors, was initially scheduled to begin later this week. At this time, Chinese leaders, along with President Xi Jinping, will map out a recovery strategy for the COVID-affected economic growth in 2023, including additional stimulus measures.
According to the Bloomberg story, a new date for the meeting has not yet been determined.
Provincial leaders and officials of the Politburo are anticipated to approve a growth forecast for the coming year at the conference, which typically attracts both. The objective won’t be made public until China’s yearly parliamentary gathering, which typically takes place in March.
The conclave’s commencement date varies from year to year; in 2021, it might begin as early as December 8, while in 2018, it could begin as late as December 19. The gathering typically lasts for three days.
Following China’s past week’s relaxation of some of the strictest anti-COVID regulations in the world, infection rates have been climbing and economic activity has been sharply declining in Beijing.
The Communist Party’s main decision-making body in China, the Politburo, announced this past week that fiscal policy would be intensified and more efficient in 2019 while monetary policy would be aggressive and focused.
Longer term, it should put development back on a more stable footing, but in the near term, a spike in COVID cases might put more strain on the already shaky economy, hurting industries and making customers wary of going out and spending money.
China’s economy expanded by only 3% throughout the first three quarters of the year, significantly below the declared objective of “about 5.5 percent,” which was put under pressure by COVID lockdowns.
