China’s Communist Party’s Politburo released a statement following its meeting on Friday.
Key takeaways
Will continue to implement proactive fiscal policy in 2024.
Will maintain prudent monetary policy in 2024.
Proactive fiscal policy will be more forceful and efficient.
Prudent monetary policy will be more flexible and precise.
Will strengthen counter-cyclical and cross-cyclical macroeconomic policy.
Will improve resilience and security of industrial supply chains.
Will expand domestic demand.
Will deepen reform in key areas.
Will expand level of opening up.
Will stabilise foreign trade and capital.
Will continue to effective prevent and fend off risks in key areas.
To enhance the consistency of macroeconomic policies.
Will continue to deepen anti-corruption work.
Will rectify more prominent industrial, systemic and regional corruption problems.
At present, the economic recovery of our country is still at a critical stage.
Market reaction
At the time of writing, AUD/USD is trading flat around 0.6600, uninspired by the above comments.
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