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The Communist Party has rejected calls from economists to abandon expansion driven by investment 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 published on Sunday that proposed more than three hundred measures in everything from taxes to religion. This echoed many familiar themes, such as the emphasis on government investments in high-tech production and clinical innovation. it may simply address China’s falling asset costs directly 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 English translation — makes a brief and careful call to “refine long-term mechanisms to increase consumption. “
The Central Committee of the Communist Party has redoubled its efforts in trade policy. The component promised to “promote the progress of strategic industries” in eight 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 goods, as a component of a national effort for 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 are deeply in debt. Sunday’s plan proposed another solution: the central government deserves to be blamed for a greater percentage of the country’s spending. He also called for an increase in local tax revenue, but only an undeniable asset tax was discussed.
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