The Chinese mainland is taking significant strides to foster economic growth through a new package of policies aimed at promoting high-quality development. On October 8, 2024, the State Council Information Office announced a series of incremental measures designed to restructure the economy upward and sustain positive development trends.
The policy package focuses on five key areas: strengthening counter-cyclical macroeconomic policy adjustments, expanding effective domestic demand, increasing support for enterprises, stabilizing the real estate market, and boosting the capital market. These initiatives have attracted widespread attention from economic entities and the public, with expectations that they will effectively foster sustained economic improvement and growth.
One of the standout features of this policy rollout is stability. With over two months remaining in the year and a stable 5 percent growth rate from the first half, the implementation of these policies is projected to exceed the full-year growth target of around 5 percent. Stability also aligns with the goals of the 14th Five-Year Plan, ensuring its successful completion and laying a strong foundation for the 15th Five-Year Plan.
Another key characteristic is efficiency. The rapid development and introduction of these policies—from the initial proposal in late September to the official announcement in early October—highlight the government's high efficiency and determination to promote high-quality development. The swift implementation is expected to yield noticeable impacts within the coming months.
Reference(s):
Efficient policy rollout shows commitment to high-quality development
cgtn.com
