The Chinese mainland is set to implement more robust and innovative macro regulations aimed at accelerating economic recovery and growth in 2024, a recent government work report revealed.
Despite a strong start in the first quarter of last year, the economy faced downward pressures in the second quarter due to a mix of external and internal factors, leading to a decline in key indicators.
In response, the government has focused on reigniting demand, accelerating production growth, and enhancing market expectations. These efforts have already shown promise, with a rapid recovery in demand and notable improvements in production rates.
A significant aspect of the strategy involves stabilizing the real estate market. Measures include reducing interest rates for housing loans and lowering down payment ratios. Additionally, the government achieved an annual reduction of approximately 150 billion yuan (around $20.64 billion) in interest payments for existing mortgages, providing substantial relief to homeowners.
These comprehensive macro regulations reflect the Chinese mainland's commitment to fostering a stable and resilient economy, positioning it for sustained growth in the coming year.
Reference(s):
China strengthens macro regulation to boost economic recovery
cgtn.com
