China plans more stimulus to boost economic growth

China’s top policymakers yesterday signal led more support for the economy next year with tax cuts and other policy measures as a bruising battle on debt and a trade war with the US have weighed on growth. The meeting headed by President Xi Jinping also pledged further opening of the economy, better protection of intellectual property rights and to push forward trade negotiations with Washington.

The outcome of the annual Central Economic Work Conference, during which leaders review past policy and plan for the upcoming year, was published by the state news agency Xinhua. Economic data has shown China’s economy slowing this autumn, with Chinese consumer spending growing at its slowest pace in 15 years during November and factories easing up on production. Xi and US President Donald Trump agreed to a 90-day tariff truce this month, as the two sides try to find a more permanent solution to the trade dispute.

Trade frictions with the US have been “handled steadily”, the statement said. “We must implement the consensus reached in Argentina between the Chinese and US heads of state and push forward economic and trade negotiations,” the readout said. Comprehensive opening up is listed as one of the seven major tasks for next year -- but critics say Beijing has long promised much while delivering little. Beijing will work to relax market access, protect the legitimate rights and interests of foreign businessmen in China, especially IP rights, and allow them to operate independently in more areas, Xinhua said.