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Promote consumption, attract foreign investment, develop and expand the private economy, and accelerate the implementation of a package of stabilizing economic policies_Economy_Macro Channel Home_Financial Network-CAIJING.COM.CN

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Promote consumption, attract foreign investment, develop and expand the private economy, and accelerate the implementation of a package of stabilizing economic policies_Economy_Macro Channel Home_Financial Network-CAIJING.COM.CN

China’s Economic Growth Exceeds Expectations in First Quarter, National Development and Reform Commission Announces Plans for Ultra-Long-Term Special Government Bonds

At a recent press conference held by the State Council Information Office, Liu Sushe, deputy director of the National Development and Reform Commission, reported that China’s economic performance in the first quarter exceeded expectations with a growth rate that continued to pick up. To further support economic recovery and growth, the government announced plans to issue 1 trillion yuan of ultra-long-term special government bonds in 2024.

The action plan for ultra-long-term special treasury bonds aims to support major national strategies and key areas of development. This initiative will focus on addressing longstanding challenges in modernization and development, with the first issuance of bonds scheduled for 2024. The National Development and Reform Commission emphasized the importance of careful planning, coordination, and supervision to ensure the success of this initiative.

In addition to the issuance of ultra-long-term special treasury bonds, the government will also leverage central budget investment, local government special bonds, and additional issuance of treasury bonds in 2023 to promote beneficial investments. The National Development and Reform Commission has already allocated funds for projects totaling 1 trillion yuan through additional issuance of treasury bonds in 2023, with construction set to begin before the end of June.

Furthermore, efforts to accelerate the legislative process of the Private Economy Promotion Law are underway, along with the implementation of large-scale equipment update and trade-in actions for consumer goods and greater utilization of foreign investment. The government aims to strengthen support for consumption growth, boost private investment, and optimize the business environment to drive sustained economic development.

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Analysts have noted positive trends in key economic indicators, including steady growth in domestic demand and improvements in structural adjustments. With policies in place to expand domestic demand and promote consumption, the National Development and Reform Commission remains optimistic about the outlook for the Chinese economy in 2024.

As the government continues to prioritize economic recovery and growth, the focus will be on coordinating and implementing targeted policies to support key sectors, attract investments, and facilitate the development of the private economy. The National Development and Reform Commission is committed to ensuring a stable and secure environment for enterprises to thrive and contribute to China’s high-quality economic development.

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