China's Communist Party Pledges Technological Strength at High-Level Meeting

China's ruling Communist Party concluded a high-level meeting on Thursday, endorsing policies aimed at enhancing the country's technological prowess and reinforcing national security. The meeting's statement offered only a broad overview, with more details expected in the coming days.

The agenda emphasized strategies for self-sufficient economic growth, crucial as China faces heightened Western restrictions on advanced technology, including cutting-edge computer chips and artificial intelligence. Markets and foreign investors were keenly watching for measures to counter the real estate sector slump and weak consumer confidence hindering post-pandemic recovery.

Economic growth slowed to an annualized 4.7% from April to June, with real estate investments and property sales declining despite initiatives to stimulate housing purchases. State media and government reports hint at continued investment in technology upgrades for companies, in line with Xi Jinping's “high-quality development” vision. The meetings aimed to address systemic challenges and promote Chinese modernization, as noted by the party newspaper Global Times.

(With inputs from agencies.)