China engaged in a monthslong drumbeat of anticipation that a Communist Party leaders’ meeting would show the way to a new era of growth for the slowing economy.
The outcome was a plan released on Sunday offering more than 300 steps on everything from taxes to religion. It echoed many familiar themes, like an emphasis on government investments in high-tech manufacturing and scientific innovation. There was little mention of anything that would directly address China’s plunging real estate prices or the millions of unfinished apartments left behind by failed developers.
Many economists had called for a comprehensive effort to rebalance the Chinese economy away from investment and toward consumer spending. But the document — roughly 15,000 words in the English translation — made a brief and cautious call to “refine long-term mechanisms for expanding consumption.”
The Communist Party’s Central Committee doubled down on industrial policy. The party promised to “promote the development of strategic industries” in eight sectors, from renewable energy to aerospace. Those were essentially the same industries as in the country’s decade-old Made in China 2025 plan to replace imports of high-tech goods with locally produced products, as part of a national push for self-reliance.
A similar plan in 2013 had many provisions that have never been put into effect, such as a plan to roll out a nationwide property tax to raise money for local governments.
Many of these local governments have fallen far into debt since then. Sunday’s plan proposed a different solution: The central government should become responsible for more of the country’s spending. It also called for expanding local tax revenues, but had only a bare mention of a real estate tax.
The document also reflected a preoccupation with national security by Xi Jinping, the country’s top leader. In a statement on Sunday, Mr. Xi warned of “frequent local conflicts and turmoil, intensified global problems, and escalating external suppression and containment.”
In the days since the Central Committee concluded its meeting on Thursday and released an initial statement, there has been considerable skepticism about whether the committee’s actions will signify a change in direction for policies on the Chinese economy, which faces slowing growth and heavy debt.
“There appears to be no deviation from its immediate priority, which is to balance its economic recovery against national security concerns, while maintaining social stability,” the European Union Chamber of Commerce in China said in a statement on Friday.
On Monday, China’s central bank lowered one of its target interest rates, a seven-day rate that indirectly affects broader trading in the markets for bonds and shares. The reduction was small — to 1.7 percent, from 1.8 percent previously.
The rate cut could make it slightly easier for companies and households to borrow and spend. Coming the morning after the Communist Party’s decision on economic strategy, the central bank’s action could also temper disappointment among investors that China’s leadership announced little over the weekend to address either the country’s housing market crisis or persistent weakness in consumer spending.
The share prices of mainland Chinese companies had already fallen in Hong Kong trading on Friday, after the initial statement following last week’s meeting of party leaders made clear that the party was wary of making big economic policy changes.
Sunday’s document also signaled the leadership’s concern about a plunging birthrate and aging population. The Central Committee called for efforts to improve maternity leave policies and to establish a system of subsidies for childbirth. It also said the authorities would “gradually raise the statutory retirement age in a prudent and orderly manner,” suggesting the changes could be voluntary. China has an average retirement age of 54, among the lowest in the world.
While the retirement language was more cautious than contentious efforts by countries like France to raise the age when old-age benefits become available, it was enough to trigger immediate criticism on Chinese social media. Many of these postings quickly disappeared, a sign that government censors were active.
The document released on Sunday also signaled that Mr. Xi had little intention of ending his sweeping controls on the country’s Muslim minorities. It called for the government to “systematically promote the Sinicization of religion in China and strengthen the rule of law in the governance of religious affairs.”
Joy Dong contributed reporting from Hong Kong.
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