China’s efforts to bolstering its domestic demand, enhancing economic confidence, and mitigating potential risks remains steadfast in the latter half of this year. Zheng Shanjie, the head of the National Development and Reform Commission, China’s top economic planner, delivered this message while presenting a report to the ongoing session of the Standing Committee of the National People’s Congress
This comprehensive strategy encompasses various aspects of the economy, aiming to sustain positive economic performance, strengthen internal driving forces, and address social expectations while minimizing risks.
Improving economic performance and driving forces
Zheng Shanjie highlighted the intention to consistently enhance economic performance, internal driving forces, and societal expectations. By reinforcing these fundamental elements, China seeks to fortify its economic resilience and further align itself with sustainable growth patterns. This effort is poised to pave the way for continued economic stability and progress.
Stimulating consumption and increasing income
A key aspect of China’s strategy involves policies directed at increasing income and expanding consumption. These measures are anticipated to catalyze economic activity by empowering individuals with more spending power and subsequently boosting demand across various sectors. The objective is to create a positive cycle of consumption-driven economic growth, fostering a robust and self-sustaining domestic market.
Boosting investment and enhancing the business environment
China’s efforts extend to stimulating private investment and optimizing the business environment. Encouraging private sector engagement is pivotal in diversifying economic activity and fostering innovation. By enhancing the overall business ecosystem, China aims to attract both domestic and foreign investment, further fueling economic expansion and diversification.
Stabilizing foreign trade and capital flows
Stability in foreign trade and capital flows is a priority in China’s economic strategy. Amid the evolving global economic landscape, China seeks to safeguard its trade relationships and maintain a steady influx of capital. This involves strategic measures to ensure the country’s economic interconnectedness while safeguarding against potential disruptions.
Supporting real estate development and affordable housing
To ensure a balanced economic landscape, the Chinese government plans to adjust policies to support the sound development of the real estate market. This includes a commitment to constructing and providing more affordable housing options, aligning with the goal of enhancing overall living standards and addressing housing affordability concerns.
Enhancing people’s wellbeing
Zheng Shanjie emphasized that the wellbeing of the Chinese population is of paramount importance. This encompasses a multifaceted approach, which includes strengthening employment opportunities, bolstering public services, and enhancing social security measures. Additionally, disaster rescue and relief efforts are set to receive increased attention, underscoring the nation’s commitment to safeguarding its citizens in times of adversity.