(Orange Wang & Zhou Xin – South China Morning Post)
China’s senior communist leaders have congratulated themselves on saving the country’s economy from a hard landing during a trade war with the United States and have decided to focus on “structural reforms”, instead of stimulus, to move the economy forward.
The Politburo, the 25-member ruling body of the country headed by President Xi Jinping, reviewed China’s growth in the first quarter on Friday and concluded that market confidence has returned and economic performance was “better than expected”, the official Xinhua news agency reported.
The focus will shift to “reform and opening up” as well as “restructure”, according to the Politburo meeting that was held at a time when China and US are in the final stages of negotiations on a trade deal.
While the statement did not mention the stand-off with the US, the focus on reform echoed Washington’s demand for Beijing to make “structural” changes to its state-led economy. Click here to read more.