Briefing: Politburo Addresses China’s Economic Challenges

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During a meeting Thursday, China’s Politburo laid out a long list of goals to address the country’s economic challenges. Photo: VCG

A run-down of key developments in China over the past 24 hours:

Economy: China’s Politburo laid out a long list of goals (link in Chinese) to address the country’s economic challenges at a meeting Thursday chaired by President Xi Jinping. At the meeting, the Politburo urged efforts to halt the decline in the property sector, support struggling businesses, and attract long-term investment to bolster the country’s lackluster capital markets. Chinese shares soared after news of the meeting broke. The benchmark Shanghai Composite Index closed up more than 3% on the day. Both the Shenzhen Component Index and Hong Kong’s Hang Seng Index rose more than 4%.

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China’s Politburo announced measures to stabilize the property sector and boost investment, leading to a rise in Chinese stock indexes.
Air China’s parent company plans to expand its air cargo business internationally, capitalizing on the growth in cross-border e-commerce.
Shanghai is distributing 500 million yuan in consumer coupons to stimulate spending, amid a decline in retail sales.

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Who’s Who

Air China Ltd.: Air China Ltd.'s parent, China National Aviation Holding Corp., plans to expand its air cargo business overseas to capitalize on the growth in cross-border e-commerce and disruptions in the international shipping market. This expansion aims to leverage the surge in sea freight rates and the increase in e-commerce trade, which reached 577.6 billion yuan in Q1 2024.

China National Aviation Holding Corp.: China National Aviation Holding Corp., parent of Air China Ltd., plans to expand its air cargo business overseas. It aims to capitalize on the growth in cross-border e-commerce and disruptions in international shipping, such as the Red Sea crisis, which spiked sea freight rates earlier this year. This move aligns with the tenfold growth in China's cross-border e-commerce trade over five years, reaching 577.6 billion yuan in Q1 2024.

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What Happened When

May 2024：: A gauge of shipping costs from Shanghai hit the highest since late September 2022.

Wednesday, 2024-09-25：: This week’s rally in U.S.-listed Chinese companies took a breather as the Nasdaq Golden Dragon China Index fell nearly 3%.

Wednesday, 2024-09-25：: China’s central bank cut a medium-term policy rate by 0.3 of a percentage point.

Thursday, 2024-09-26：: China’s Politburo laid out a list of goals to address the country’s economic challenges at a meeting chaired by President Xi Jinping.

Thursday, 2024-09-26：: China launched an anti-discrimination investigation into Canada’s tariff hikes on China-made electric cars, steel, and aluminum products.

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