China’s Economic Recovery to Continue With Support from Policy
According to the macroeconomic planner today, China’s economy should continue to grow as the nation relaxes pandemic prevention measures and other policies introduced to calm the economy go into action.
The National Development and Reform Commission (NDRC) stated on its website, that local governments have been removing Covid-19 limitations, which will aid in unclogging the economy and encourage the revival of market demand.
The Chinese government unveiled a 20-point proposal to relax COVID-19 curbs last month, and another 10 steps were announced this month. Some of them include the discontinuation of the trip-planning app, which tracked users’ travels around the nation, and the removal of the requirement for travelers to take the COVID-19 exam.
According to the National Development and Reform Commission, the outside world is challenging and complex. Growth in the global economy has slowed. To assure the economy’s continuing revival, hard labor is required.
The National Development and Reform Commission will then concentrate on stabilizing economic growth, employment, and prices; continue enacting a number of policies and follow-up measures; speed up the use of strategy financial mechanisms and the building of infrastructure projects; increase investment; encourage consumption in key sectors; and strengthen support for small and mid-sized businesses and self-employed people, it added.
According to the commission, the growth of the digital economy will be accelerated, digital transformation pilot projects will be started, deep integration of the real and digital economies is encouraged, and a prominent digital industrial hub will be established.
It also recommended that the NDRC create a foundation to foster innovation and hasten the development of regional innovation hubs and worldwide scientific and technological innovation centers.
It would improve capital security for significant programs and enhance the funding framework for investment projects. Through these initiatives, the NDRC will keep investment structure optimized, maintain sensible investment growth, and fully utilize investment’s critical role in boosting domestic production and maximizing supply.