China’s Leaders Hint at New Plan to Fix Biggest Drag on Economy
- Politburo statement signals measures to address unsold homes
- Top officials announce July meeting to chart long-term reform
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China’s ruling Communist Party vowed to explore new measures to tackle a protracted housing crisis, which remains the biggest drag on the nation’s economy, and hinted at possible rate cuts ahead.
Officials will research ways to deal with unsold properties, as well as “make flexible use” of tools to support the economy and lower overall borrowing costs, a meeting led by Chinese President Xi Jinping agreed, the official Xinhua News Agency reported Tuesday.