The National Development and Reform Commission held a press conference on April 17th to address key economic issues and provide insights into how the economy is performing at the beginning of the year. With a focus on topics such as macroeconomic trends, investment situations, and production capacity utilization, officials shed light on various aspects of China’s economic landscape.
Yuan Da, deputy secretary-general of the National Development and Reform Commission, highlighted the stable and positive start that China’s economy has experienced in the first quarter of the year. Major economic indicators have shown growth and stability, with improvements seen in areas such as corporate performance, employment, and market expectations. Domestic demand has been a key driver of economic growth, contributing significantly in the first quarter. Looking ahead, the focus will be on efficient policy implementation, accelerating equipment updates, and issuing special treasury bonds to support key national strategies.
Liu Sushe, deputy director of the National Development and Reform Commission, provided details on investment activities within the central budget, noting that over 30% of the investment plan has already been allocated. Efforts are being made to improve the efficiency of investment within the central budget and strengthen project construction and supervision. Additionally, the screening of local government special bond projects has been completed, laying a solid foundation for the issuance and use of special bonds throughout the year.
Regarding production capacity utilization, Jin Xiandong of the Policy Research Office of the National Development and Reform Commission addressed concerns about overcapacity in China. He emphasized that capacity utilization rates fluctuate and are expected to gradually pick up in the coming quarters. Jin Xiandong urged a balanced and objective view of production capacity issues, noting that moderate production exceeding demand is common in market economies.
Moving forward, the focus will also be on accelerating the legislative process of the Private Economy Promotion Law, strengthening legal protection for private enterprises, and promoting their development and growth. Consumption trends are expected to maintain a steady upgrading and improve development trend, driven by policies to expand domestic demand and promote consumption. Measures will be taken to stabilize employment, increase income, expand demand, optimize supply, and create a safe consumption environment.
Overall, the National Development and Reform Commission’s insights provide a comprehensive overview of the current economic situation in China and the key strategies to ensure sustained growth and stability in the future.