China's Fiscal Policy Strengthened to Drive Economic Recovery

China's ruling Communist Party has vowed to "moderately strengthen" fiscal policy to stimulate economic recovery and bolster domestic demand. The country's Politburo, chaired by President Xi Jinping, emphasized the need for proactive fiscal policies and prudent monetary policies in 2024. China's economy has faced challenges due to a slowdown in global growth, a struggling property market, and geopolitical tensions. While there has been a surprise pickup in exports, economists caution that policy support focused solely on the supply side may not be sufficient for sustained results.