As the year draws to a close, the Chinese mainland is witnessing a surge in economic growth, fueled by a series of strategic, incremental policies. Amidst global economic challenges, these measures are designed to strengthen domestic demand and investment, ensuring sustained growth and a positive economic outlook.
Premier Li Qiang recently expressed confidence in meeting this year's GDP targets during his speech at the China International Import Expo. This optimism is backed by October's economic data, which suggests that the implemented policies are effectively shaping the country's economic trajectory for the fourth quarter and the entire year.
The third quarter saw a shift from a heavy reliance on investment to a more balanced focus on both investment and consumption. This strategic pivot aims to expand domestic demand significantly. Key policy initiatives include enhancing macroeconomic policy efficiency, supporting enterprises, stabilizing the real estate market, and revitalizing the capital market. These policies are part of long-term structural reforms rather than short-term fixes.
Early indicators from October reveal positive momentum. The manufacturing Purchasing Managers' Index (PMI) rebounded to 50.1, signaling a revitalization in production activities. The real estate sector is showing signs of stabilization, highlighted by an increase in housing loans and a 3.9% year-over-year rise in new and second-hand home transactions. This marks a positive turn after eight months of decline.
Additionally, the money supply has grown by 7.5% year-over-year, and social financing has increased by 1.40 trillion yuan ($194 billion). These figures underscore a strengthened willingness among enterprises to produce and a heightened risk appetite among investors, further boosting the Chinese mainland's economic resilience.
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Incremental policies energize China's growth as year-end approaches
cgtn.com
