“China held its annual Central Economic Work Conference, or CEWC, on Monday and Tuesday. It was attended by all of the country’s top leaders, including President Xi Jinping and Premier Li Qiang.
A document released after the conference sets the agenda for China’s economy — the second-largest economy in the world — for the next year. And strikingly, this year’s readout acknowledges that China needs to prioritize economic development.
“Next year, we must persist in seeking progress while maintaining stability, promote stability through growth, and establish the new before breaking the old,” states the meeting’s official readout.
The wording in this document suggests “hints of remorse at overzealous growth-negative policy implementation,” Rory Green, the chief China economist at GlobalData.TS Lombard, wrote in a note on Wednesday.”