China has reaffirmed its commitment to achieving its annual economic and social development goals despite growing global uncertainties. In a report submitted to the Standing Committee of the 14th National People’s Congress on Tuesday, the State Council emphasized steadfast efforts in the second half of the year to meet these objectives.
Xiangli Bin, deputy head of the National Development and Reform Commission, delivered the report on behalf of the State Council. He highlighted that the overall implementation of the national plan has been progressing well, with key indicators such as economic growth, employment, and international balance of payments meeting expectations.
However, the report cautioned against potential challenges, including the adverse impacts of a changing external environment, insufficient effective domestic demand, and risks in key sectors. To address these issues, China plans to accelerate major reforms, including the construction of a unified national market, refinement of market economy systems, and deepening fiscal, taxation, and financial sector reforms.
“We will appropriately strengthen macroeconomic policies and make them more targeted, emphasizing counter-cyclical adjustments,” Xiangli Bin told lawmakers. “It is crucial to coordinate efforts to stabilize growth and mitigate risks.”
In the second half of 2024, efforts will focus on expanding domestic demand by stimulating consumption, stabilizing foreign trade and investment, and pushing forward comprehensive rural revitalization and new urbanization. Additionally, China aims to boost green and low-carbon development and improve people’s livelihoods.
Reference(s):
cgtn.com
