World
‘Change old mindsets, emancipate minds’: How crisis-hit Chinese provinces plan to reverse economic setbacks
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NEW DELHI: In a bid to revive struggling local economies, China’s Communist Party has called for a shift in old mindsets and “emancipation of mind” in the country’s southern province.
In a renewed push to improve sluggish local economies, grassroot-level officials in the southern province are trying to come up with innovative solutions to address the issue.
“Emancipating the mind,” a slogan famously endorsed by former reformist leader Deng Xiaoping, has become popular during President Xi Jinping’s inspection tours of provinces and key policy meetings.
Half of China’s provinces registered lower-than-targeted economic growth in 2023 amid concerns over nationwide property crises, cautious consumption and reduced private sector investment.
Overall too, Chinese economy has been struggling to recover from Covid-era losses.
The International Monetary Fund projected a slowdown in China’s growth to 4.6% in 2024, down from last year’s 5.2%, with further easing to approximately 3.5% by 2028.
In a bid to overcome setback, the government in Hunan province has set a growth target of “around 6%” for 2024, following a growth rate of 4.6% in the previous year, which fell short of the official goal of about 6.5%.
The Hunan provincial Communist Party committee emphasized the importance of “emancipating the mind” at a recent meeting, in order to stimulate development. The committee said that they need to avoid excessive debt accumulation and to reverse the “lying flat” mindset of avoiding challenges.
While the committee’s remarks indicate a call for innovative solutions, observers says that any new ideas must align with President Xi’s vision of controlled expansion of capital markets.
The concept of “emancipation of the mind” also featured in provincial party meetings in northeastern Liaoning and Heilongjiang provinces. Premier Li Qiang asked for “pragmatic and forceful actions” to increase public confidence.
During the upcoming annual parliamentary meeting, Premier Li is expected to announce a national growth target of approximately 5% for 2024, similar to the previous year’s target.
In a renewed push to improve sluggish local economies, grassroot-level officials in the southern province are trying to come up with innovative solutions to address the issue.
“Emancipating the mind,” a slogan famously endorsed by former reformist leader Deng Xiaoping, has become popular during President Xi Jinping’s inspection tours of provinces and key policy meetings.
Half of China’s provinces registered lower-than-targeted economic growth in 2023 amid concerns over nationwide property crises, cautious consumption and reduced private sector investment.
Overall too, Chinese economy has been struggling to recover from Covid-era losses.
The International Monetary Fund projected a slowdown in China’s growth to 4.6% in 2024, down from last year’s 5.2%, with further easing to approximately 3.5% by 2028.
In a bid to overcome setback, the government in Hunan province has set a growth target of “around 6%” for 2024, following a growth rate of 4.6% in the previous year, which fell short of the official goal of about 6.5%.
The Hunan provincial Communist Party committee emphasized the importance of “emancipating the mind” at a recent meeting, in order to stimulate development. The committee said that they need to avoid excessive debt accumulation and to reverse the “lying flat” mindset of avoiding challenges.
While the committee’s remarks indicate a call for innovative solutions, observers says that any new ideas must align with President Xi’s vision of controlled expansion of capital markets.
The concept of “emancipation of the mind” also featured in provincial party meetings in northeastern Liaoning and Heilongjiang provinces. Premier Li Qiang asked for “pragmatic and forceful actions” to increase public confidence.
During the upcoming annual parliamentary meeting, Premier Li is expected to announce a national growth target of approximately 5% for 2024, similar to the previous year’s target.
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