Baiguan - China Insights, Data, Context

Baiguan - China Insights, Data, Context

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Baiguan - China Insights, Data, Context
Baiguan - China Insights, Data, Context
Is there any incremental information from this week's econ-focused Politburo meeting?
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China Context

Is there any incremental information from this week's econ-focused Politburo meeting?

There are quite a lot, if you care to look closely

Robert Wu's avatar
Robert Wu
Apr 27, 2025
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Baiguan - China Insights, Data, Context
Baiguan - China Insights, Data, Context
Is there any incremental information from this week's econ-focused Politburo meeting?
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This week, a key, twice-yearly Politburo meeting on economic affairs was held. This meeting was closely watched, not least because it was the first one after Trump’s “Liberation Day” declaration of economic war.

To read the Politburo readout correctly, we think it’s essential to compare the text with the last major meetings on the economy, specifically the Central Economic Work Conference held in December (CEWC) and the Politburo meeting held immediately before it.

In this note reserved for Baiguan's paying subscribers, we will examine five major areas where we believe this “April Politburo” has added substantial incremental information compared to the two December meetings.

The keyword here is “incremental”, so we will only look at what was not there previously. The five major areas include:

  • Added urgency to launch more forceful and more “innovative” monetary policies

  • Stronger emphasis on stabilizing employment

  • A continued focus on consumption, and especially the service consumption, likely even with the support of new monetary policy tools

  • Digging in through preparing for worst-case scenarios and, unironically, openness

  • More language on supporting real estate and capital markets

[The comment below is paywalled. Paying subscribers of Baiguan also enjoy complimentary access to Robert Wu’s

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