On September 26, 2024, Chinese President Xi Jinping chaired a meeting of the Politburo of the CPC Central Committee, where a comprehensive analysis of the current economic situation was conducted, and further measures for the country’s economic development were outlined. Demonstrating the resilience and flexibility of its economy, China is taking significant steps to ensure stability and stimulate growth.
Kazakhstan’s China studies Centre highlights several key aspects of this meeting and their importance not only for China but also for our bilateral relations within the framework of the “Belt and Road” initiative.
First, the primary focus was on the need to develop and implement new targeted and effective economic measures. China’s leadership emphasizes strengthening economic stability despite complex external and internal challenges. One of the key tools is the use of government bonds aimed at stimulating public investments, as well as lowering reserve requirements and interest rates. These are steps that will positively impact the recovery and development of key economic sectors, particularly real estate and capital markets. From Kazakhstan’s perspective, these measures are of special interest in the context of our economic and investment ties with China. China’s strategic decision to boost capital investments in long-term projects opens up additional opportunities for cooperation in infrastructure projects and programs related to the development of a high-quality production base.
Second, the policy of supporting the private sector and drafting laws aimed at encouraging it demonstrates China’s commitment to fostering a dynamic economy. This creates space for the growth of small and medium-sized businesses, which is especially important for our countries as they strive to diversify their economies and expand private entrepreneurship. Equally significant is China’s course toward creating a favorable business environment for foreign capital, particularly in the manufacturing sector. For Kazakhstan, this is an important signal that confirms China’s desire for cooperation and its readiness to promote deeper integration of our economies. Additionally, it enables Kazakhstan to become an important partner for China in supplying key resources and developing high-tech industries in partnership with Chinese companies. In terms of social policy, measures to support employment and increase the incomes of middle- and low-wage groups demonstrate Beijing’s commitment to ensuring balanced development, which is also relevant for Kazakhstan amid structural changes. Increasing people’s incomes and supporting vulnerable groups will lead to a rise in domestic demand and, consequently, strengthen trade and economic ties with neighboring countries, including Kazakhstan.
In conclusion, the measures taken at the Politburo meeting of the CPC Central Committee demonstrate the Chinese leadership’s determination to ensure economic stability and high-quality growth. For Kazakhstan, this opens up additional opportunities to deepen bilateral cooperation, strengthen trade and economic ties, and attract new investments into key sectors of the economy.
It is important for Kazakhstan to actively participate in these processes, leveraging the opportunities presented by China’s policies and its own competitive advantages within global initiatives.
Photo: REUTERS
