In early October 2024, the Information Office of the State Council of China held a press conference to introduce the implementation of a package of additional policies aimed at promoting sustainable economic restructuring and the continuous improvement of development trends. This package includes measures that focus on five main areas: strengthening macroeconomic policies, expanding domestic demand, increasing support for enterprises, stabilizing the real estate market and strengthening the capital market.
Sustainability as a fundamental element of economic policies
A key word that describes this political-economic package is sustainability. While 2024 is only a few months away, given the steady growth rate of 5% in the first half of the year, implementing this new package will likely exceed the annual growth target of around 5%. This is in line with the goals of the 14th Five-Year Plan, which aims to achieve sustainable and continuous economic development, keeping in focus the stability of markets and the development of key sectors.
Efficiency and speed of policy implementation
Another key word describing the new measures is efficiency. This fast process not only proves efficiency but also shows the leadership’s commitment and determination to ensure quality and sustainable development for the country’s economy. In this context, the government has emphasized the importance of easing procedures for enterprises and improving the business climate.
Quality development and coordination
One of the main goals of the new policies is quality development. In recent years, the Chinese economy has moved from a stage of rapid growth to a stage of qualitative development. The new policies aim to focus more on the quality than the quantity of economic growth, including a series of measures to support the development of key sectors of the economy.
Another presentation on economics
China will in the near future introduce a package of targeted pro-growth fiscal policy measures to boost the economy, the country’s Finance Minister Lan Fo’an said at a press conference held in Beijing on October 12.
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