China is poised to meet its ambitious 2024 GDP growth target of around 5 percent, according to Zheng Shanjie, director of the National Development and Reform Commission (NDRC). Speaking at a press conference during the ongoing Two Sessions, Zheng emphasized the nation's confidence, capabilities, and favorable conditions to achieve its economic and social development goals.
A key strategy involves the issuance of ultra-long-term special government bonds starting in 2024. These bonds aim to bolster investment and consumption, laying the groundwork for sustainable, high-quality development. The funds raised will support critical areas such as scientific and technological innovation, integrated urban-rural development, coordinated regional growth, food and energy security, and enhancing the quality of the population.
Fiscal and Monetary Policy
Pan Gongsheng, governor of the People's Bank of China, highlighted the extensive toolkit available for monetary policy, ensuring ample policy headroom. He stated, \"We will pay more attention to striking a balance between the short term and the long term, between seeking steady growth and preventing risks, and between internal equilibrium and external equilibrium in our monetary policy regulation.\"
Meanwhile, Finance Minister Lan Fo'an reiterated China's commitment to a proactive fiscal policy. He stressed the importance of enhancing both the intensity and efficiency of fiscal measures, particularly through structural tax and fee reductions to support innovation and the manufacturing sector.
Securities Supervision
Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), underscored the principles of openness, fairness, and justice in the market. Protecting the legitimate rights and interests of investors, especially small and medium-sized investors, remains a top priority for the CSRC.
Foreign Trade
Commerce Minister Wang Wentao reported positive trends in exports and imports despite a challenging global trade environment. He noted that China's export categories are moving up the value chain and expressed confidence in the strong fundamentals supporting the country's foreign trade and investment.
Reference(s):
cgtn.com
