Chinese Politburo Sets Agenda for Second‑Half‑Year Economy and Plans Fifth Plenary Session

The Chinese Communist Party Politburo met on July 30 to review the first‑half‑year economic performance and outline policy priorities for the second half of 2024. The meeting highlighted that the mainland has weathered external shocks and internal challenges, and it called for a “steady‑while‑progressive” macro‑policy stance. Officials pledged to use existing fiscal and monetary tools more aggressively, accelerate fiscal spending and bond financing, and introduce practical new policies to boost demand, support the capital market, and address “involution” competition.

The Politburo also reaffirmed commitments to modernise the industrial system, expand long‑term support for basic research, and advance the “AI+” initiative. It signalled further reforms of state‑owned enterprises, a more favourable environment for private firms, and measures to stabilise the real‑estate market, including a comprehensive debt‑relief package. In line with tradition, the meeting confirmed that the 20th Central Committee’s Fifth Plenary Session will be convened in October, likely to address personnel matters and party discipline.

Premier Li Qiang, speaking earlier in July, urged “greater counter‑cyclical regulation and full use of existing policies while preparing additional measures.” The Politburo’s directives aim to sustain high‑quality growth and secure a solid start to the 15‑year plan’s next phase.