Xi Chairs Key Politburo Meeting, Calls for Consumption-led Recovery

Chinese President Xi Jinping chaired a key Politburo meeting on Monday, which set the tone for a stable economic growth next year, according to a Xinhua News Agency readout. The meeting urged for "seeking progress while emphasizing stability," backed by more proactive fiscal policies combined with prudent and vital monetary policies, Xinhua said. The meeting elevated the role of consumption, calling for implementing the strategy of expanding domestic demand, with increased consumption and effective investment. The meeting also expressed support for a healthy housing industry and meeting buyers’ reasonable demand, and avoided repeating previous vows to crack down on housing speculation. MNI notes that the December Politburo meeting on the economy will soon be followed by the Central Economic Work Conference to flesh out detailed planning for next year.