China is set on meeting its annual economic and social development goals, as outlined in a recent State Council report presented to the country's top legislature on Tuesday. Deputy head of the National Development and Reform Commission, Xiangli Bin, provided an update on the positive progress in areas such as economic growth, employment, and the international balance of payments.
While the overall implementation of the plan has been going well, Xiangli Bin acknowledged ongoing challenges, including the adverse impacts of a changing external environment, insufficient domestic demand, and risks in key sectors. To address these issues, China plans to accelerate major reforms, including the construction of a unified national market, the refinement of systems underpinning the market economy, and the deepening of reforms in the fiscal, taxation, and financial sectors.
Furthermore, macro policies will be strengthened and made more targeted, emphasizing counter-cyclical adjustments to stabilize growth and mitigate risks. For the second half of 2024, efforts will focus on expanding domestic demand by stimulating consumption, stabilizing foreign trade and investment, advancing comprehensive rural revitalization and new urbanization, promoting green and low-carbon development, and ensuring improvements in people's livelihoods.
These initiatives reflect China’s commitment to sustainable and inclusive growth, demonstrating resilience amid evolving global dynamics.
Reference(s):
cgtn.com
