China moves to pep up its slowing economy, lays out roadmap for its future

abcnews.go.com:

China’s central bank has cut key interest rates in a surprise move aimed at injecting pep into the economy, while the ruling Communist Party released a 50-page roadmap addressing long-term challenges

BANGKOK — China's ruling Communist Party released a 50-page roadmap addressing long-term challenges confronting the world's second-largest economy, while the central bank cut key interest rates Monday in a surprise move to pep up the struggling property sector.

The action by the People's Bank of China was a short-term adjustment that appeared to signal a recognition that the economy needs immediate help to complement the party's broader ambitions of following leader Xi Jinping's vision for transforming China into a “high-standard socialist market economy in all respects” by 2035.

“If we are to break new ground in advancing Chinese modernization on the new journey in the new era, we must continue to rely on reform and opening up,” Xi said in a written explanation of reforms endorsed last week at a four-day policy-setting meeting.

Overall, the outline of reforms aligns with the ruling party's longstanding ambitions to cement China's status as a leading technology and economic power, while addressing imbalances in its economy, which expanded at a slower-than-expected 4.7% annual pace in the last quarter, down from 5.3% in January-March.

The party's latest plan, 50 pages long in English, contains more than 300 reforms including promises to beef up social welfare such as pensions and health care, improve local government finances and protect private property rights.

It promises a “first-rate business environment” that will protect the rights and interests of foreign investors and make it more convenient for people from