By outdoor-nature-child.com In a recent press conference held in Beijing on October 8, Zheng Zhanjie, the head of China’s National Development and Reform Commission, shared insights on the economic challenges currently confronting the country. He affirmed that both the Central Committee of the Communist Party and the State Council are committed to making informed and decisive decisions to effectively implement existing policies. Zheng introduced a comprehensive range of new policies aimed at enhancing macroeconomic counter-cyclical adjustments, expanding domestic demand, providing business support, stabilizing the real estate market, and revitalizing capital markets.
Zheng emphasized that the government’s strategy does not solely focus on immediate concerns but also addresses significant long-term economic challenges, aiming to establish a robust foundation for sustainable, high-quality development.
He outlined that the new policy package focuses on three key areas: improving the quality of economic development, supporting the healthy growth of the real economy and businesses, and ensuring a balance between high-quality development and high-level safety. Additionally, he explained that the formulation of these policies is guided by four key principles. Firstly, there is a strong goal orientation aimed at aligning with this year’s targets to maximize policy effectiveness and unlock greater growth potential. Secondly, a problem-oriented approach is being implemented, prioritizing the challenges faced by businesses and society with targeted measures. Thirdly, a coordinated strategy is being adopted across various sectors—including fiscal, financial, consumption, investment, real estate, stock markets, employment, and social welfare—to ensure consistency and synergy in macroeconomic policy. Lastly, a balanced approach that emphasizes both short-term and long-term perspectives will ensure policy continuity over the next two years, fostering steady and healthy economic development while facilitating the successful conclusion of the 14th Five-Year Plan.
When addressing the implementation of this policy package, Zheng highlighted the necessity of precision and targeting, along with enhancing effectiveness and sustainability. He acknowledged the downward pressure on economic operations and stressed the importance of robust counter-cyclical macroeconomic interventions across all sectors. To combat insufficient domestic demand, he noted that the new demand-expanding policies will concentrate on improving livelihoods and stimulating consumption, complemented by effective investments. Zheng also underlined the need to bolster support for businesses grappling with operational challenges by optimizing the business environment. In response to the current weakness in the real estate market, he called for comprehensive policy measures aimed at stabilization. Additionally, in light of recent fluctuations in the stock market, he pledged to implement a series of robust initiatives designed to reinvigorate the capital markets.