Economic meetings convene in Beijing
December 21, 2015 Category Macro-economy, Weekly
Top Communist Party cadres have gathered in Beijing for two meetings: the annual Central Economic Work Conference to review economic performance and chart out next year’s policies, and a special urban works convention seeking a better approach to develop cities. Proper management of China’s urbanization process is vital to sustaining economic growth and winning the support of the country’s 270 million migrant workers. “The urban work conference could be very interesting, while the economic work conference is unlikely to offer big surprises,” said Shen Jianguang, Chief Economist for Mizuho Securities Asia. “The economic work conference addresses concerns mainly for 2016, but decisions made at the urban work conference may affect China’s growth not only next year but also in the next decade.” The Communist Party’s Politburo called for the process of giving migrant workers full urban residency status to be sped up. The two meetings in Beijing are being held at a time of slowing economic growth. They also come on the heels of the United States Federal Reserve’s first interest rate increase in a decade. “China’s new urbanization strategy is very important because you can’t build up a comprehensive well-off society by 2020 with millions of people remaining half-urbanized,” said Ye Weichun, Researcher affiliated with the National Development and Reform Commission (NDRC), the South China Morning Post reports.
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