Officials announced science and technology innovation as the top priority for 2024. The overall tone was supportive of economic growth, with announcements including backing for strategic industries, tax cuts and moves to boost private-sector confidence.
China will support biological manufacturing, commercial space, ‘the low-altitude economy’, quantum technology and life sciences in 2024.
Officials will downsize steel, cement and other sectors left with overcapacity after the property downturn, with mergers and financing cuts.
The property market may stabilise in 2024 but will remain an overall impediment to growth as the correction drags out.
China promised market openings in telecommunications and healthcare for foreign investors, but more will be required to restore confidence.
Geopolitical tensions, a long-term slowdown in productivity and protectionist policymaking continue to cast a shadow over market prospects.
