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China’s slowing economy in spotlight as legislature meets

KIFI

By JOE McDONALD
AP Business Writer

BEIJING (AP) — The annual meeting of China’s mostly ceremonial legislature usually showcases grand, long-term plans. This year, Chinese companies and the public are looking to the ruling Communist Party for quick steps to reverse an economic slump. The National People’s Congress opens Saturday. Its customary agenda is overshadowed by the Chinese leadership’s efforts to revive anemic consumer spending and housing sales. The pivot that began in December has temporarily shifted the focus away from longer term policies to cut surging debt levels and reduce poverty. Economic growth slid to 4% over a year earlier in the final quarter of last year after a crackdown on real estate industry debt set off a plunge in housing construction.

Article Topic Follows: AP National Business

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