China seeks ways to revive slowing economy and salvage property market as annual congress convenes
China's efforts to restore confidence and rev up the economy will top the agenda during this month’s meeting of the ceremonial national legislature
BEIJING (AP) — It's clear that China’s efforts to build confidence in its slowing economy will top the agenda of this week's meeting of its ceremonial national legislature.
What remains unclear is how the ruling Communist Party can navigate toward stronger, sustained growth as China’s workforce is aging, relations with Washington are fraught, and housing construction — a main driver of the economy — is in crisis.
Hopes for a strong, consumer-led recovery after severe anti-virus controls ended in late 2022 have not been fulfilled. Local governments are mired in trillions of dollars of debt and direct investment by foreign companies in China fell by about 80% last year.
As more than 5,000 leaders from across China gather in Beijing for the year’s biggest political events, the mood on the streets and in financial markets remains glum.
