Beijing commits to bold economic actions to boost market confidence

Chinese leaders have committed to bold actions to strengthen the economy, including loosening monetary policy and increasing fiscal spending. This decision follows a two-day meeting of the Communist Party's Politburo, aiming to boost market confidence. The new approach marks a shift from a cautious monetary policy to a "moderately loose" stance. However, actual measures taken so far have been limited, with incremental policies failing to deliver the expected stimulus. Key focuses include stabilizing the struggling property market and boosting weak consumer spending. Leaders plan to ensure wage growth aligns with economic progress, while also drafting a long-term economic strategy for the next five years.