In a bid to ensure sustainable growth and bolster economic stability, China has submitted a detailed government work report to the national legislature. Delivered by Chinese Premier Li Qiang at the opening meeting of the third session of the 14th National People’s Congress in Beijing, the report outlines a series of measures aimed at defusing risks across key sectors.
One of the primary focuses is the real estate market, where China pledges to stem the ongoing downturn and restore stability. The government plans to undertake the redevelopment of urban villages and the renovation of old and dilapidated housing, efforts that are expected to stimulate construction activity and boost investor confidence.
Addressing local government risks, the report emphasizes refining evaluation and control measures. By making timely adjustments to areas with high debt risks, China aims to create new avenues for investment and reduce financial vulnerabilities at the local level.
Additionally, the report highlights coordinated efforts to mitigate risks in small and medium-sized financial institutions. Through market-driven and law-based approaches, these institutions will undergo transformations designed to enhance their resilience and contribute to the overall financial stability of the nation.
These initiatives reflect China’s commitment to balancing high-quality development with greater security, ensuring that economic progress does not come at the expense of financial stability.
