Major Ministries and Commissions in China Outline Plans for Stable Growth in 2024
By: Financial News Today
Several key ministries and commissions in China have outlined clear ideas for achieving stable growth in 2024. The National Development and Reform Commission, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Commerce, and other departments have all expressed their opinions on the current economic situation and strategies for stabilizing industry, expanding domestic demand, and cultivating new drivers of foreign trade.
Zheng Shajie, director of the National Development and Reform Commission, acknowledged the complex and severe development environment that China is currently facing. He emphasized the need to promote the continuous implementation of various macro policies and to strengthen the coordination and cooperation of fiscal, monetary, employment, industry, regional, science and technology, environmental protection and other policies to ensure that efforts are made in the same direction.
Jin Zhuanglong, Minister of Industry and Information Technology, highlighted the importance of promoting the research, development, application, and promotion of cutting-edge technologies such as artificial intelligence, humanoid robots, and the metaverse. He emphasized the need to actively cultivate emerging and future industries, seeking to seize the commanding heights of global industrial competition.
In Shanghai, the local government has released “Several Measures to Further Promote the High-Quality Development of Shanghai’s Equity Investment Industry.” These measures aim to guide early investment in small technology investments, cultivate long-term capital and patient capital, and implement preferential fiscal and taxation policies to support high-quality equity investment.
Additionally, local governments across China are planning to reserve ultra-long-term special government bond projects to support areas such as food security, energy security, industrial chain security, new urbanization, and rural revitalization – all key directions of economic work in 2024.
In the United States, the three major stock indexes collectively closed higher, with technology stocks leading the gains. Nvidia reached a record high, approaching the market value of Amazon. The Dow rose 170.57 points, the Nasdaq rose 111.94 points, and the S&P 500 rose 26.95 points. Gold futures prices in New York were essentially flat, while New York crude oil futures prices fell.