[Source: Reuters]

Chinese leaders reiterated their wide-ranging economic policy goals, from modernizing industry to expanding domestic demand and curbing debt and property sector risks, without detailing implementation steps.

The pledges were published in the official news agency Xinhua’s account of a key meeting of the Communist Party’s Central Committee led by President Xi Jinping, known as a plenum, which takes place roughly every five years.

The report said Beijing wanted to improve social security, healthcare and income distribution systems and introduce land, tax, and financial system reforms – promises that have been made in other official documents in the past decade.

The sweeping list of old policy goals re-emerges at a time of financial hardship for an increasing number of people at home and as its trade partners in Europe, the United States and elsewhere are raising import barriers against Chinese goods.

Low wage growth and job market uncertainty have depressed consumer sentiment to almost record low levels, while industrial overcapacity in many sectors has forced businesses into price wars, squeezing profits and fuelling fears of deflation.

The world’s second-largest economy grew at a slower than expected pace in the second quarter, leaning hard on industrial output and external demand, while the crisis-hit property sector and household consumption continued to disappoint.

Xi was shown on state broadcaster CCTV walking into the meeting to applause from party members before taking his place at the centre of a long table to deliver a speech.