(Bloomberg) -- The confidence of Chinese companies is recovering despite a number of headwinds including weak domestic demand and cutthroat competition, state media said before key meetings of top economic decision-makers.
Many companies face pressure from weak investment and consumption growth domestically, accelerating technology changes and a shrinking market for traditional industries as the economy transitions to new growth drivers, the official Xinhua News Agency wrote in a commentary Friday.
Rising protectionism globally also led to increasing uncertainties, Xinhua said in the article that cited interviews with entrepreneurs. The commentary is the third installment in a series on the economy.
The remarks came right before the Communist Party’s top decision-making Politburo is expected to hold its traditional December huddle on the economy. That meeting will likely reveal the overall policy direction for next year, and will be followed by more details from the bigger Central Economic Work Conference. That conference is scheduled for Wednesday and Thursday next week, Bloomberg reported earlier.
Last year, the Politburo meeting took place on the Friday before the work conference.
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