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CPC meeting calls for intensified efforts to achieve growth targets
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Heading into the last quarter of the year, the world’s second-largest economy has added policy steam with targeted stimulus to firm up economic operation.
The Political Bureau of the Communist Party of China Central Committee held a meeting yesterday, calling for intensified efforts, including implementing substantial interest rate cuts and promoting the stabilization of the property market, as China strives to meet its annual economic and social development targets.
The Chinese economy has posted stable performance this year, making progress while ensuring stability, it was agreed at the meeting.
New quality productive forces have reported steady development, and solid efforts have been made to guarantee people’s livelihood. Positive progress has also been achieved in preventing and defusing risks in major areas.
It was noted at the meeting that the fundamentals of the Chinese economy, and favorable conditions such as a vast market, strong economic resilience, and great potential remain unchanged.
It is necessary to take a comprehensive, objective, and calm view of the current economic situation, face the difficulties squarely, and remain confident, the meeting noted.
The country should effectively implement existing policies, step up efforts to roll out incremental policies, further make policy measures more targeted and effective, and strive to accomplish the targets and tasks for this year’s economic and social development, according to the meeting.
Earlier this week, the government’s financial authorities announced a broader-than-expected policy package to galvanize the economy’s rebound.
These policy measures include reducing the reserve requirement ratio for banks and mortgage rates for existing homes, as well as introducing new monetary programs to boost the capital market, among other initiatives.
China unveiled a set of guidelines on Wednesday to promote high-quality and sufficient employment, stressing the promotion of reasonable increases in people’s remuneration for labor and expanding the coverage of social insurance.
Such recent policy measures, combined with more effective fiscal policy support, will help sustain the rebound in economic growth for the remainder of the year, UBS economist Wang Tao noted.
This enhanced policy support came amid a more complex environment both at home and abroad for China, with natural disasters such as high temperatures, heavy rain and floods impacting economic activities in the third quarter of the year.
China is seeking to expand its economy by around 5 percent year on year in 2024. The country’s GDP had expanded by 5 percent in the first half of the year.
Jin Xiandong, a senior official with the National Development and Reform Commission (NDRC), the country’s top economic planner, acknowledged challenges posed by external environmental changes and the transition from old to new growth drivers, when speaking during a press conference last week.
“However, with macroeconomic policies taking effect and the implementation of reform measures, positive factors and favorable conditions in the economic operation are gathering steam,” Jin noted.
Local governments have also adopted various means to boost investment and consumption. Shanghai, China’s economic powerhouse, has decided to leverage coupons worth 500 million yuan to stimulate spending in the catering, accommodation, film and sports industries.
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