China is implementing more robust and innovative macroeconomic measures to stimulate economic recovery and growth in 2024, according to a government work report submitted to the national legislature on Wednesday.
The report highlighted that while the economy had a strong start in the first quarter of the previous year, various external and internal factors led to a decline in key indicators after the second quarter, exerting downward pressure on economic performance.
In response, China has achieved a rapid recovery in demand, accelerated production growth, and witnessed a notable improvement in market expectations. These advancements reflect the effectiveness of the country’s strategic interventions in stabilizing and boosting the economy.
Efforts to mitigate economic downturns have included measures to restore stability in the real estate market. The government has reduced interest rates for housing loans and lowered down payment ratios, resulting in an annual reduction of approximately 150 billion yuan (around $20.64 billion) in interest payments for existing mortgages. These steps are aimed at easing financial burdens on homeowners and stimulating further investment in the real estate sector.
By addressing key economic challenges with targeted policies, China aims to sustain its growth trajectory and reinforce its role as a pivotal player in the global economy.
