Xi Jinping has outlined a plan to address China's economic challenges stemming from the US trade war and domestic issues, including a housing crisis and rising youth unemployment. An official readout indicated efforts to bolster the economy by embracing multilateralism and opposing unilateral trade practices. Proposed measures include increasing unemployment insurance, enhancing low and middle incomes, developing the service sector, and supporting troubled enterprises. There's also potential for tariff exemptions on specific US goods like semiconductors and medical equipment in an effort to stabilize trade relations.
We must strengthen bottom-line thinking, fully prepare emergency plans, and do a solid job in economic work to counter external shocks and bolster domestic growth.
The readout proposed multiple measures aimed at increasing unemployment support, boosting consumption, and enhancing financing support for enterprises facing difficulties.
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