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May 25, 2020

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Tougher measures to boost growth

Source: Xinhua | 00:41 UTC+8 May 25, 2020 | Print Edition

China will toughen measures to ensure economic growth following the COVID-19 outbreak, according to the National Development and Reform Commission.

Due to the uncertainties brought by the epidemic on global trade and economy, China decided not to set a specific annual economic growth target for 2020, but still, full-out efforts will be made to ensure the six priorities and the stability in six areas, said Ning Jizhe, deputy head of NDRC.

The country will give priority to ensuring steady employment, focusing on key groups such as college graduates, migrant workers and laborers from poverty-stricken areas, Ning said.

He called for more efforts in poverty alleviation with employment, consumption, investment and work resumption of poverty relief projects. This year, the NDRC has allocated batches of funds for infrastructure construction to offer more job opportunities.

Domestic demand should further be expanded with structural reforms, consumption and investment while boosting urbanization with the goal of bringing 100 million rural residents to settle down in cities and towns, the official said.

The NDRC will continue to roll out preferential policies for 100 million market entities, especially micro, small and medium-sized enterprises to help them resume work, according to Ning.

China鈥檚 consumption is on recovery path. Earlier data showed China鈥檚 retail sales of consumer goods went down 7.5 percent year on year in April, recovering from a drop of 15.8 percent in the previous month. 鈥淭he data showed the trend of expanding consumption scale and optimizing structure had not changed, and I believe the retail sales data will be better in May,鈥 Ning said.

As part of efforts to spur consumption recovery, China will further push upgrading of auto consumption and encourage circulation of used cars, with tax support policies for purchases of new-energy vehicles, Ning said.

China will also quicken the pace to foster new types of consumption such as digital and information consumption and step up new infrastructure construction on 5G networks and data centers to support consumption growth in related areas.

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