Third plenum reaffirms China’s focus on high quality development and deepening reforms across the economy. Market awaits more policy details from the third plenum and the upcoming politburo meeting, UOB Group economist Ho Woei Chen notes.

China pivots to domestic consumption and investment

“The communique reaffirms China’s focus on high quality development and deepening reforms across the economy, without announcing further stimulus for near-term growth.”

“Further deepening reform comprehensively to advance Chinese modernization was highlighted throughout the text. Policymakers will also accelerate efforts to build a unified national market and refine the systems underpinning the market economy which is increasingly important as China pivots to domestic consumption and investment to drive growth.”

“Market awaits more policy details from the third plenum and the upcoming politburo meeting end-Jul to provide more concrete measures to address the economic headwinds.”