The most important word for Chinese economic policy in 2022 is "stability,” according to a senior economic official of China’s Communist Party.
There are many hidden risks in the economy and the financial sector, and China can’t return to the old growth path, Han Wenxiu, executive vice minister of the party’s central financial and economic affairs commission, said in an online event Saturday. Han was explaining the economic plans for 2022, which the Communist Party released Friday.
The property sector is large, has a long supply chain, and accounts for a high proportion of the economy, fixed-asset investment, local governments’ income and financial institutions’ loans, Han says. It holds key significance in the economy and for financial stability and risk prevention, and China needs to explore a new development model for industry, he said without elaborating.