Xi Jinping’s Economic Plan

The CCP is having its annual rubber stamp convention where all the party faithful endorse Xi’s plan to revitalize the sagging Chinese economy. Here is an excerpt from a report on Xi’s plan. The last paragraph makes interesting reading.


"We refrained from resorting to a deluge of stimulus policies or strong short-term stimulus measures, and made greater efforts to promote high-quality development."By "high quality development", the premier was referring to industries such as artificial intelligence and electric vehicles, which he pointed out, China is already excelling in."China accounted for over 60 per cent of global electric vehicle output and sales," he said.Dominic Meagher, deputy director and chief economist at the John Curtin Research Centre, said these goals would have mixed impacts on Australian exports to China."The iron ore sector is very dependent on housing and construction, and that's not doing well at all in China," he said."The big new catchphrase is new quality productivity. That's not exactly going to do a huge amount in the construction sector … but that's more focused on advanced technologies — scientific sectors, a lot on renewable energy and batteries, electric cars, they're really trying to encourage growth in those areas."That's not necessarily fantastic news for our traditional exports, it's potentially quite good news for the education sector, and rare earth minerals."