The economic work meeting held by the Political Bureau of the Communist Party of China (CPC) Central Committee on Friday signals that China is fully prepared for uncertainty brought up by the U.S. trade war, which is conducive to economic stability, according to Zhu Min former Deputy Managing Director of the IMF.
The meeting was to analyze and study the current economic situation and economic work.
The meeting urged preparing for the worst scenarios with sufficient planning, and taking concrete steps to do a good job in economic work. The meeting also called for the acceleration of building a new development pattern.
The meeting noted that it is imperative to coordinate domestic economic work and endeavors in the international economic and trade field, unswervingly manage the country's own affairs well, stay committed to expanding high-standard opening up, focus on keeping employment, businesses, markets and expectations stable, and deal with the uncertainty of drastic changes in the external environment with the certainty of the country's high-quality development.
The meeting is very important for stabilizing expectations, said Zhu Min, a senior expert with China Center for International Economic Exchanges. He is also a former official of the International Monetary Fund (IMF), where he served as the Deputy Managing Director of the IMF from July 2011 to July 2016.
"The meeting of the Political Bureau of the CPC Central Committee sent out a strong signal that the Chinese government is well-prepared for the current trade war with tremendous uncertainty initiated by the U.S. government, with plans and policies to address it, which are a particularly important aspect for us to stabilize expectations now. The expectations refer to not only the expectations to stabilize China's economy but also the expectations to stabilize the world economy, because when China is stable, the world can be stabilized, too," said Zhu.
"So in the way of a meeting, it is to tell China's domestic and the world with the transparency and firmness of Chinese policies that we have the policies to cope with possible enormous external impacts in the future, and this is particularly important to stabilize the current situation," Zhu said.
CPC leadership meeting robust response to U.S. trade war uncertainties: Former IMF Deputy Head
