CHINA'S COMMUNIST PARTY ADMITS ECONOMIC RISKS

China's ruling Communist Party, headed by President Xi Jinping, in a rare admission on Tuesday spoke of the grim economic outlook in the world's second-largest economy due to insufficient demand and an uncertain external environment and called for coordinating domestic, social and economic policies to obtain tangible results.

It was also announced that the much-delayed key Plenum of the party to discuss measures for course correction the 3rd plenary -session of the 20th Communist Party of China (CPC) Central Committee - will be held here in July.

The Plenum was originally due to be held in OctoberNovember last year and its delay sparked speculation that it was postponed due to the uncertain economic situation in the world's secondlargest economy sparking local and global concerns.

Xi 70, who is into his unprecedented third term, heading the party, the military and the Presidency, is grappling with an economic slowdown accentuated by the COVID-19 pandemic and deepening property market crisis.

In a candid admission of the economic crisis, the meeting of the 24-member Political Bureau of the party, headed by Xi, spoke of the difficult situation at home and abroad for Chinese enterprises.