China's Economic Blueprint: Ambitions without Roadmap

Chinese leaders reiterated their broad economic policy goals, encompassing industrial modernization, domestic demand expansion, and debt management, without detailing implementation methods. The plans include improving social security and land reforms, aiming for completion by 2029. Analysts note a continuity in policy rather than shifts in China's economic model.

Chinese leaders reiterated on Thursday their wide-ranging economic policy goals, from modernizing the industrial complex to expanding domestic demand and curbing debt and property sector risks, without detailing implementation steps. The pledges were published in the official news agency Xinhua's readout of a key meeting of the Communist Party's Central Committee led by President Xi Jinping, known as a plenum, which takes place roughly every five years.

The report said Beijing wanted to expand domestic demand, improve social security, healthcare and income distribution systems and introduce land reforms - promises which have been made in other official documents in the past decade. The release did not say what changes Beijing intends to implement, but said the 'tasks' should be completed by 2029. A document with more detailed policy plans is expected to be published in coming days.

Analysts said that the plenum outcome pointed to continuity, rather than any shifts in policymaking or the economic growth model China pursues. 'There is no clear signal of change in macro policies,' said Zhang Zhiwei, chief economist at Pinpoint Asset Management.

(With inputs from agencies.)