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The Communist Party has rejected calls from economists to abandon investment-driven expansion and customer spending.
By Keith Bradsher and Chris Buckley
Keith Bradsher reported from Beijing and Chris Buckley from Taipei, Taiwan.
China has pledged for months to anticipate that an assembly of Communist Party leaders would usher in a new era of expansion for a slowing economy.
The result was a plan released Sunday that proposed more than 300 measures across the board, from taxes to religion. This echoed many familiar themes, such as the emphasis on government investments in high-tech production and clinical innovation. it can simply deal directly with falling costs of China’s assets or the millions of unfinished apartments left in the hands of bankrupt developers.
Many economists have called for a global effort to rebalance the Chinese economy, focusing on customer spending rather than investment. But the document (about 15,000 words in the English translation) makes a brief, cautious call to “refine long-term mechanisms to increase consumption. ” “.
The Central Committee of the Communist Party has redoubled its efforts in the field of trade policy. The component promised to “promote the progression of strategic industries” in 8 sectors, from renewable energy to aerospace. These were necessarily the same industries as those in the decade-old Made in China 2025 plan to upgrade imports of high-tech goods with manufactured products, as a component of a national effort toward self-sufficiency.
A 2013 plan had many provisions that were never implemented, such as a plan to introduce a national asset tax to raise cash for local governments.
Since then, many of those local governments have gone into huge debt. Sunday’s plan proposed another solution: The central government deserves to be responsible for a larger percentage of the country’s spending. He also called for expanding local tax revenues, but only discussed an undeniable tax on assets.
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