China’s top leadership gave a downbeat assessment on Thursday of economic growth but didn’t announce new stimulus policies at a key meeting, calling on officials to ensure that housing projects are completed following a wave of mortgage boycotts.
The country should achieve "the best outcome” possible for economic growth this year while sticking to a strict "COVID zero" policy, according to a statement after a meeting of the Politburo, which is the Communist Party’s top decision-making body. The leadership urged efforts be made to stabilize employment and prices to keep the economy running in a "reasonable range.”
There was no mention of the national economic goals as there was at the April meeting, suggesting the government is downplaying the target of "around 5.5%” growth for this year that most economists think is impossible after a slump last quarter. However, provinces that are in a strong position were encouraged to strive to meet their individual targets.