China's Economic Growth Dips Further, As Communist Party Meets | Vantage with Palki Sharma

China's Economic Growth Dips Further, As Communist Party Meets | Vantage with Palki Sharma

China is facing a critical juncture as its top leaders gather in Beijing for a significant meeting, the Third Plenum, which is held only once every five years. China is grappling with a slowdown, with GDP growth falling short of targets at 4.7% for the April-June quarter. Several factors are contributing to the sluggishness - a slump in the property sector, with commercial property sales down 25% in the first half of 2024 and a large number of unsold apartments. Local governments are also burdened by trillions of dollars in debt, limiting their ability to stimulate the economy. The meeting holds immense significance.

Historically, the Third Plenum has been a platform for major reforms. In 1978, Deng Xiaoping's "Reform and Opening Up" agenda, which transformed China into an economic powerhouse, was introduced at this very gathering. In 2013, President Xi Jinping used the platform to dismantle the one-child policy. However, there are doubts about Xi Jinping's willingness to embrace major reforms this time. The Chinese government maintains that the economy's fundamentals are strong, despite evidence to the contrary. Palki Sharma tells you more.

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China | Xi Jinping | Economy | China Communist Party | Real Estate | Economic Slowdown | Export | Firstpost | World News | News Live | Vantage | Palki Sharma | News

#china #economy #xijinping #firstpost #vantageonfirstpost #palkisharma #worldnews

Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.

The show is anchored by Palki Sharma, Managing Editor, Firstpost.

By breaking stereotypes, Vantage aims to challenge conventional wisdom and present an alternative view on global affairs, defying the norm and opening the door to new perspectives. The show goes beyond the headlines to uncover the hidden stories – making Vantage a destination for thought-provoking ideas.

Vantage airs Monday to Friday at 9 PM IST on Firstpost across all leading platforms.
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