China acknowledges that its economic policies face complex contradictions

After the Third Plenary Session of the Communist Party of China, Chinese officials acknowledged that economic policy faces complex contradictions.
The 3rd Plenary Session of the 20th Central Committee of the Communist Party of China held this week stipulated the so-called "comprehensive deepening of reforms and promotion of Chinese modernization," but no flexible economic measures were announced. In a July 19 statement, Chinese officials made it clear that China faces many complex contradictions and problems in promoting modernization. This indicates that future policy implementation is facing obstacles.
According to VOA's news report, officials made a series of conflicting promises after the four-day 3rd General Assembly of the Communist Party of China ended. These include modernizing the industrial system, expanding domestic demand, promoting economic growth, and curbing debt risks. But nothing has been said about how it plans to resolve conflicts between these policy goals. At present, debt continues to outpace economic growth, and concerns about rising risks are growing.
Tang Fanyu, deputy director of the Political Research Office of the Communist Party of China Central Committee, acknowledged the existence of challenges in China's economic policies at a press conference on Friday. Tang Fangyu said: "The promotion of modernization with Chinese characteristics has faced many complex contradictions and problems, and many difficulties and obstacles must be overcome." Tang Fangyu added at the end of his speech: "The deeper the reform, the more complicated and fierce the conflicts of interest."
It turns out that the contradictions in China's policies have existed for a long time, including increasing the added value of the manufacturing industry, strengthening social security, expanding land use, and improving local government tax revenue. But China is facing increasingly difficult choices. These issues include a weakened fixed asset market, rising foreign tariffs, and a local government debt crisis.