China plans proactive fiscal and looser monetary policies to boost consumption in 2024
China's leaders announced plans for "more proactive" fiscal and "moderately" looser monetary policies in 2024 to enhance domestic consumption. This decision follows a key policy meeting led by President Xi Jinping. The Politburo aims to stabilize property and stock markets while implementing unconventional economic adjustments. Upcoming meetings will set priorities for the next year and discuss growth targets and budgets for 2025. Recent data shows China's annual consumer inflation dropped to 0.2% in November. Following the announcement, Hong Kong's Hang Seng Index rose 2.8%, and the Chinese yuan strengthened slightly against the U.S. dollar.