Stabilizing Economic Policies Add Force to the Economic Recovery and Long-term Improvement
Beijing, September 21 (Xinhua) – “Economic Information Daily” published an article on September 21, highlighting the efforts made by the Chinese government to stabilize economic policies and promote long-term improvement. The State Council Information Office held a regular briefing on September 20, where officials from various ministries and the central bank discussed the current economic situation and policies.
Cong Liang, deputy director of the National Development and Reform Commission, spoke about the challenges faced by China, including the insufficient momentum for global economic recovery and domestic cyclical structural contradictions. Cong Liang mentioned that the government has optimized phased policies and introduced targeted measures to strengthen the positive momentum of the country’s economic recovery.
The article noted that the effects of the policy combination are starting to emerge. In August, the growth rate of industrial added value and total retail sales of consumer goods showed signs of recovery. The decline in import and export also narrowed, while consumer prices turned from falling to rising. Furthermore, industrial producers’ ex-factory prices and corporate profits experienced a narrowing decline. The positive factors in economic operation are accumulating, with an increase of bright spots and improved social expectations.
Cong Liang emphasized that with the combined efforts of existing and incremental policies, the Chinese economy is expected to rebound and improve in the long term.
Zou Lan, director of the Monetary Policy Department of the People’s Bank of China, discussed macro policies. Zou Lan mentioned the central bank’s commitment to implementing prudent monetary policies accurately and effectively. Policies will focus on countercyclical adjustments and maintaining reasonable and sufficient liquidity. The importance of stabilizing credit growth and supporting urban village transformation, leisure and emergency infrastructure construction, and affordable housing construction was also highlighted.
Li Xianzhong, director of the Treasury Department of the Ministry of Finance, discussed financial policies. The central finance will guide local governments to coordinate central transfer payments with their own financial resources to ensure the smooth operation of grassroots finance. Transfer payments to local governments for 2023 will amount to 10.06 trillion yuan, a 7.9% increase. Li Xianzhong highlighted the strong financial support provided by the central government to local finances through transfer payments.
Tao Qing, director of the Operation Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology, focused on the industrial economy. The government plans to step up efforts to stabilize growth in ten key industries, promote the implementation of stabilizing growth policies, and accelerate the transformation and upgrading of traditional industries. The development of emerging industries such as 5G, intelligent connected cars, and new materials will also be prioritized.
The article also mentioned recent policy measures to promote the development of the private economy. The establishment of the Private Economic Development Bureau by the National Development and Reform Commission aims to implement and refine the private economic development policy system, strengthen monitoring and analysis, and address the demands and issues faced by private enterprises. The government is committed to formulating effective policy measures to support private enterprises and ensure substantial progress.
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