Chinese President Xi Jinping presided over a meeting of the Politburo on April 17, when they said that COVID-19 has brought unprecedented challenges to the economy and forced the Party to change their policy priorities. Besides reiterating the 'six stabilities' as policy goals, the Politburo enunciated the “six ensures”: (i) Ensure employment; (ii) Ensure people’s basic livelihood; (iii) Ensure companies’ survival; (iv) Ensure food and energy security; (v) Ensure stability of the production chain and supply chain; and (vi) Ensure the operation of grassroots governments and public institutions (i.e. enough fiscal resources to keep them running)

(Comment: The 'six stabilities' that have guided economic governance since late July 2018, target: employment, finance, foreign trade, foreign investment, domestic investment, and economic expectations. The "six ensures" spelt out at the PB meeting on April 17 suggest China's economic situation is very serious.)

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