China ends planning meeting with vows to stabilize its economy, but gives no details on stimulus

abcnews.go.com:

Chinese leaders have wrapped up a two-day planning meeting in Beijing with pledges to take a more proactive approach in pepping up the economy, but gave no details on stimulus measures

BANGKOK — Chinese leaders wrapped up a two-day planning meeting in Beijing on Thursday with pledges to take a more proactive approach in pepping up the world's second-largest economy, but gave no details on new stimulus measures.

A state-run CCTV report on the annual meeting mainly reiterated a strategy outlined earlier in the week after a session of the ruling Communist Party’s powerful Politburo at which leaders pledged to loosen monetary policy and adopt a more proactive fiscal approach.

Markets in China have climbed recently on renewed hopes for a stronger dose of stimulus to help counter weak consumer spending that has kept the economy growing this year at a rate slightly slower than the government's official target of about 5%.

The promise of “moderately loose” monetary policy showed a shift from a more cautious “prudent” approach that had prevailed for a decade, after China’s recovery from the global financial crisis.

But so far, the measures taken this year to jolt the economy out of its post-pandemic doldrums have been broad in scope but more incremental and technical than the dramatic stimulus that investors have been hoping for.

The CCTV report said China would raise its fiscal deficit and continue to issue “super-long” government bonds to help finance additional spending. It gave no details on the amount of money to be spent or size of the deficit.

Leaders pledged to stabilize the property market, which has been mired in a downturn after a crackdown several years ago on excess borrowing by property developers.

They also