China is poised to achieve its 2024 GDP growth target of around 5 percent, according to top government officials who expressed strong confidence in the nation’s economic prospects. Speaking on Wednesday at a press conference during the ongoing Two Sessions, Zheng Shanjie, director of the National Development and Reform Commission (NDRC), emphasized that China has the confidence, capabilities, and conditions to meet its economic and social development goals for the year.
In a bid to bolster investment and consumption, Zheng announced that China plans to issue ultra-long-term special government bonds starting from 2024. “These bonds will lay a solid foundation for long-term high-quality development,” he noted. The funds will primarily support key areas such as scientific and technological innovation, integrated urban-rural development, coordinated regional growth, food and energy security, and enhancing the quality of life for the population.
Proactive Fiscal and Monetary Policies
Highlighting the nation’s robust monetary toolkit, Pan Gongsheng, governor of the People’s Bank of China, stated that there is ample policy space to navigate economic challenges. “We will focus on balancing short-term growth with long-term stability, preventing risks, and maintaining both internal and external equilibrium in our monetary policy regulation,” Pan explained.
Finance Minister Lan Fo’an echoed this sentiment, stressing the importance of enhancing the efficiency and effectiveness of proactive fiscal policies. “We will prioritize structural tax and fee reductions to support scientific and technological innovation and the development of the manufacturing sector,” Lan said.
Commitment to Fair Markets and Investor Protection
Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), underscored the principles of openness, fairness, and justice in market regulation. “Protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is our most important task,” Wu affirmed, highlighting the CSRC’s commitment to maintaining a transparent and equitable market environment.
Positive Outlook on Foreign Trade
Despite a challenging global trade environment, Commerce Minister Wang Wentao expressed optimism about China’s foreign trade prospects. “We are seeing positive signs in exports and imports,” Wang stated. He attributed this to China’s exports moving up the value chain and reinforced confidence in the strong fundamentals of the economy to consolidate foreign trade and investment.
As China navigates a complex global economic landscape, these assurances from top officials signal a concerted effort to sustain growth and stability. With strategic fiscal measures and a focus on innovation and open markets, the nation aims to achieve its ambitious targets and contribute positively to the global economy.
Reference(s):
cgtn.com
