China has pledged to strengthen its fiscal policy in 2024 in order to boost its struggling economy. This announcement came after a meeting of top Communist party officials and following Moody's downgrade of China's credit rating. The officials at the meeting, led by Xi Jinping, expressed the need to expand domestic demand and stabilize foreign trade and investment. They emphasized the importance of implementing proactive fiscal policy and prudent monetary policy, as well as preventing risks in key areas. The meeting was held at a critical time for China, as the country is facing deepening troubles due to a property market downturn and issues in the shadow banking system. Moody's predicts a slowdown in China's economic growth rate in the coming years. Despite these challenges, China is expecting growth of around 5% this year, compared to an average of 7.7% before the pandemic.
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