China leadership meets to discuss economic policy and common prosperity

The Communist Party of China (CPC) Central Committee Political Bureau held a meeting to analyze the current economic situation and deploy work for the second half of the year. General Secretary Xi Jinping presided over the session, which announced that the Fifth Plenary Session of the 20th CPC Central Committee will be held in Beijing this October. The meeting focused on advancing high-quality development, deepening reform and opening up, and implementing proactive fiscal and moderately loose monetary policies to stimulate domestic demand.

Key economic priorities include accelerating the construction of a modern industrial system, implementing ‘Artificial Intelligence+’ actions, and stabilizing the real estate market. The leadership also emphasized addressing challenges such as ‘involutionary’ competition, resolving enterprise payment arrears, and optimizing the development environment for the private economy.

In a separate session, the 18th Standing Committee of the 14th Chinese People's Political Consultative Conference (CPPCC) met to discuss improving livelihoods and promoting common prosperity. Members proposed various measures, including narrowing regional and urban-rural gaps, protecting labor rights, enhancing social security for the elderly and children, and utilizing digital education and AI to support basic education. Discussions also covered rural revitalization, healthcare equalization, and protecting minors in cyberspace.