China's top leaders vow to bolster slowing economy

Focus on cutting risks in key areas, boosting domestic demand and high-tech industries

- Aw Cheng Wei

China's top leaders have pledged to fortify the country's slowing economy by boosting domestic demand and developing high-tech industries amid what they regard as an increasingly hostile environment.

They have also highlighted the need to reduce risks in key areas such as the country's stubborn real estate slump, crippling local government debt and shaky financial institutions, according to a major policy bulletin following a highlevel meeting.

A more detailed report on the priorities listed in the bulletin is expected to be released several days after the closing on July 18 of the Third Plenum, which, as the name suggests, is the third plenary session of the current Central Committee of the Communist Party of China (CPC).

The Third Plenum usually focuses on economic issues.

Chinese President Xi Jinping, general secretary of the CPC, had presided over the four-day closeddoor meeting in Beijing involving some 360 party officials.

"To steadily advance reform, we will focus on building a high-standard socialist market economy," the communique stated, adding that the "reform tasks" listed in it shall be completed by the time the People's Republic of China marks its 80th anniversary in 2029.

The communique also underlined China's intentions to step up efforts to "lead global governance, and proactively shape a favourable external environment".

Taken in their entirety, the priorities spelt out in the document aim to address the steep challenges that China has been facing in its drive to develop economically and project its influence overseas.