Chinese Leadership Emphasizes Domestic Demand Promotion Next Year... "Moderately Mild Monetary Policy"
"China Signals First Monetary Policy Shift Since 2010"
China's leadership indicated a monetary policy easing as it focuses next year's economic policy on 'reviving domestic demand.'
On the 9th (local time), according to China's state-run Xinhua News Agency and others, the Chinese Communist Party held a Central Politburo meeting chaired by General Secretary (President) Xi Jinping to analyze and study the '2025 economic work' and discuss next year's anti-corruption efforts.
The Central Politburo stated that next year's economic policy will adhere to the principle of 'seeking progress while maintaining stability (穩中求進),' proposing deepening reforms and expanding openness, boosting domestic demand, promoting scientific and technological innovation, and stabilizing the real estate market. In particular, it emphasized stimulating domestic demand by stating that "a more proactive fiscal policy and a moderately accommodative monetary policy must be implemented."
Regarding this, Bloomberg and others reported that this marks a shift toward easing monetary policy for the first time in 14 years to stimulate the economy. Major foreign media noted that after adopting a 'moderately accommodative' monetary policy stance following the 2008 global financial crisis, the People's Bank of China shifted to a 'prudent' stance at the end of 2010.
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China's economic policy direction for next year is expected to be finalized at the Central Economic Work Conference scheduled for the 11th to 12th, based on the discussions held that day. Previously, at a meeting held on December 8 last year ahead of the Central Economic Work Conference, the Central Politburo also emphasized expanding domestic demand, stating that "a moderately accommodative monetary policy should be agile and appropriate, as well as precise and effective."
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