China's Weak Economy Worries Xi Jinping, This Is His Latest Promise!

<p>Market sentiment improved in the Asian session following reports that China will add fresh support to spur economic recovery.</p><p><br /></p><p>Most recently, China's top leaders have pledged to boost consumption and offer more support for the troubled real estate sector.</p><p><br /></p><p>Chaired by President Xi Jinping, the Communist Party's highest decision-making body (Politburo) said it would implement "counter cyclical" policies and largely adhere to prudent monetary policies and pro-active fiscal policies.</p><p><br /></p><p>Although there was no announcement of large-scale stimulus, but the statement showed their stronger determination against the economic challenges.</p><p><br /></p><p><br /></p><p>The Politburo is also aware that the country is facing new difficulties and challenges, which mainly arise from weak domestic demand, difficulties in enterprise operations and a bleak and complex external environment.</p><p><br /></p><p>After that, the recovery will continue in a gradual way in a tortuous process. The government is also seen to focus on curbing emerging risks.</p><p><br /></p><p>In the meantime, there are also reports that say state banks intervene to sell US dollars to curb the weakness of the yuan currency.</p><p><br /></p><p>This indirectly helped shares in China rise, and also lifted Aussie and New Zealand dollar trading in the Asian session.</p>