In a significant move to bolster economic growth, Zheng Shanjie, head of the National Development and Reform Commission, announced on October 8 a comprehensive package of incremental policies aimed at strengthening the Chinese mainland’s economy. Amidst the complex and volatile global economic situation, these measures are expected to support the country’s ambition to achieve an annual growth rate of five percent.
The newly introduced policies focus on key areas to stimulate economic vitality. They emphasize more effective implementation of macroeconomic policies, expansion of domestic demand, increased assistance to enterprises, stabilization of the real estate market, and efforts to invigorate the capital market. Covering multiple facets of macroeconomic regulation and control, the package also aims to unlock market potential through structural reforms and institutional innovations.
Addressing concerns closely tied to people’s livelihoods, the policies include provisions for enhancing support to vulnerable groups. One-time living subsidies will be provided to those in extreme poverty and orphans, while national student loan limits for undergraduate and graduate students will be increased. These initiatives are designed to directly improve the welfare of low- and middle-income populations, fostering social stability and consumer confidence.
By implementing these measures, the Chinese mainland seeks to solidify its economic foundation and maintain a positive development trajectory. The government’s commitment to stimulating growth not only benefits domestic stakeholders but also holds significance for global markets monitoring the region’s economic performance.
Reference(s):
cgtn.com
