China sets upbeat tone at high-profile meetings despite lack of supercharged stimulus

Growth and positive momentum top China’s economic agenda after closely watched conference, premier’s meeting with entrepreneurs

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After a press conference from China’s top economic planner that did not include major stimulus action, markets dialed back their enthusiasm. Photo: EPA-EFE

Published: 8:30pm, 8 Oct 2024Updated: 8:51am, 9 Oct 2024

China’s top economic planner relayed a constructive, pro-growth tone at a closely watched press conference on Tuesday – a message echoed by the country’s premier in meetings held the same day – though capital markets were disappointed by an absence of specific stimulus measures to buoy earlier gains.

Analysts, however, took some positives from the event’s attendance sheet – National Development and Reform Commission (NDRC) chairman Zheng Shanjie spoke alongside his four deputies – as well as its focus on incremental funding and support for strategic infrastructure projects, both of which were expected to help the country reach its annual growth target.

At roughly the same time, Premier Li Qiang led a study session of the State Council and stressed the need to stabilise growth and expectations.

Later in the day, he convened a symposium with economic experts and entrepreneurs to solicit their views on the government’s plans, state broadcaster CCTV reported.

Both of the premier’s roundtables were attended by central bank governor Pan Gongsheng and China Securities Regulatory Commission chairman Wu Qing.

With fiscal authorities not yet revealing their plans – Tuesday’s events followed similar high-profile announcements from other state agencies – observers suggested more policy easing could be in the pipeline.