October 8, 2024

China is accelerating its pace to introduce a series of incremental policies to promote economic development, according to Zheng Shanjie, chairman of the National Development and Reform Commission, at a press conference on Tuesday.

He emphasized the need to counteract the downward pressures faced by the economy by strengthening macroeconomic policies. Zheng said that the Chinese government has allocated 700 billion yuan in the central budget to invest in major projects related to national development and security. Next year, the government plans to continue issuing ultra-long-term special bonds and optimize their allocation to further support the economy, said Zheng.

He noted that enhancing domestic demand is a government priority, which will focus on improving livelihoods and boosting consumption while leveraging investment to stimulate growth. To boost domestic demand, the head of the NDRC said that the Chinese government will focus on increasing the incomes of middle- and low-income groups, promoting large-scale equipment upgrades to enhance commodity consumption, improving elder care and childcare services, and fostering new consumption models such as digital and green consumption.

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