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China’s top party journal urges action to boost confidence ahead of fourth plenum
China's ruling Communist Party's leading theoretical journal has urged authorities to better manage market expectations, improve policy predictability and pay closer attention to public sentiment - ahead of a closed-door meeting of senior officials to discuss the next five-year plan and as trade tensions with the United States mount.
In a Wednesday article, Qiushi - a leading platform for disseminating official policies and ideas - called on policymakers to better time policy implementation, coordinate economic and non-economic measures and take steps to strengthen confidence and support growth.
"(Policymakers) should be cautious about introducing measures that could have a tightening or dampening effect," the article said, while calling for efforts to support households and businesses.
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"Businesses and investors base their decisions largely on expectations for future policies," it noted. "Implementing timely, targeted measures and improving policy predictability are essential for boosting market confidence."
The article came as the leadership of the world's second-largest economy is set to hold the fourth plenum next week, when President Xi Jinping and more than 300 members of the Central Committee are expected to discuss the outline for the 15th five-year plan - a blueprint that will define broad socio-economic goals for the next half-decade.
Targeting about 5 per cent economic growth in 2025, China continues to face domestic headwinds from weak demand, while the market has long called for better coordination of policy announcements from different government agencies.
Tensions with the US also ratcheted up last week amid a barrage of economic sanctions, export controls and threats of triple-digit tariffs - despite months of negotiations and extensions of a temporary truce since the conflict peaked in April.
"The external environment has become increasingly volatile and uncertain," the article noted. "Due to a mix of complex factors, market expectations remain noticeably weak."
Tariffs have also reduced businesses' willingness to invest and produce, while many households remain hesitant to spend due to concerns over income, social security and the broader consumption environment, according to the article.
Pessimistic narratives about China's economic outlook at home and abroad have further undermined confidence, with biased and misleading information fuelling unnecessary anxiety, it warned.
The commentary called for creating a "stable and predictable institutional environment", urging authorities to remove obstacles to a unified national market and ensure equal treatment of state-owned and private enterprises.
It advocated for improved communications, stronger public messaging and closer engagement with businesses to reduce misunderstandings about government policies.
"Mainstream media should enhance their economic reporting standards... guiding the public to view the challenges of economic transformation and upgrades in a rational and balanced way," it said.
The article urged policymakers to focus not only on short-term expectations but also on managing medium- and long-term outlooks, taking advantage of the drafting of the coming five-year plan to strengthen confidence.
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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.
Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
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