Real estate building under construction in Qingjiangpu District, Huai ‘an City, Jiangsu province, China, on July 15, 2024.<\/p>\n
Cfoto | Future Publishing | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
BEIJING \u2014 Top Chinese officials on Friday emphasized the country would focus on its own affairs in the face of rising trade tensions.<\/p>\n
“As long as we do our own things well, we can ensure the national economy can run smoothly and steadily move forward,” Han Wenxiu, deputy director at the Chinese Communist Party’s central committee office for financial and economic affairs, told reporters in Mandarin, translated by CNBC.<\/p>\n
He listed three areas of focus: the stable and healthy development of the real estate market, accelerated development of “emerging and future industries” and expanding domestic demand, “especially consumption.”<\/p>\n
Han was responding to a question about how China would support growth in the face of increased trade tensions. He used a phrase attributed to Chinese President Xi Jinping<\/a>, who in recent years has called for the country to “do your own thing well” and focus on its own affairs. <\/p>\n The press conference followed the end of a high-level meeting policy called the Third Plenum<\/a> that ended Thursday. While the final resolution has yet to be released \u2014 and is expected in the coming days \u2014 the initial communique called for boosting domestic tech<\/a> and achieving the full-year economic targets.<\/p>\n<\/div>\n External uncertainties have increased, but they will not impact China’s commitment to and confidence in continued deepening of reform and further opening up.<\/p>\n Mu Hong<\/p>\n deputy director, CCP’s central committee office for “Comprehensively Deepening Reform”<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n <\/img><\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n “External uncertainties have increased, but they will not impact China’s commitment to and confidence in continued deepening of reform and further opening up,” Mu Hong, deputy director of the Party’s central committee office for “Comprehensively Deepening Reform,” told reporters Friday.<\/p>\n China has used “reform and opening up” to describe policies of the last 40 years that gradually opened the economy to foreign and private capital, among other changes to the communist state.<\/p>\n After decades of rapid economic growth, China’s expansion has slowed. GDP growth missed expectations in the second quarter<\/a>, prompting some analysts to call for more stimulus if the country is to reach its full-year target of around 5% growth<\/a>.<\/p>\n<\/div>\n While exports have held up as a growth driver, a real estate slump and lackluster consumption have weighed on the economy. Beijing’s longer-term efforts to build up advanced technology have yet to fully offset the drag from those sectors.<\/p>\n\n
<\/a>Real estate’s ‘systemic impact’<\/h2>\n