“High-quality development is the top mission of building a modern socialist country,” the official Xinhua News Agency said after the four-day meeting in Beijing. That vague slogan is typically interpreted to emphasize the quality of economic growth over its absolute pace. It centers on Xi’s ambitions to move up the value chain through tech innovation and become more resilient against US trade curbs.
President Xi Jinping vowed to make “high-quality development” the guiding force of the world’s No. 2 economy, showing few initial signs that the top leadership is preparing to unleash major steps to boost demand or arrest the property slump.
The ruling Communist Party signaled China will stay on course with Xi’s plan to use advanced manufacturing to generate growth, in a vaguely worded statement Thursday marking the close of a twice-a-decade conclave that’s often heralded major policy shifts. The focus on the factory engine could increase trade tensions, with rising Chinese exports prompting fresh tariffs from the US and the European Union.
