China - October 09, 2024

China rolls out stimulus policies to boost economic growth

(Voice_over)

In the wake of the release of a broader-than-expected policy package focused on boosting the country's economy, China's top economic planner said the country will "systematically" implement a range of supportive policies.

The National Development and Reform Commission also laid out how these policies would address existing worries surrounding economic growth, and how these policies would function to generate greater efficacy.

(Sound_bite)

Zheng Shanjie, Director, National Development and Reform Commission:

"In implementing the raft of stimulus policies, there are several targets to hit. We target the downward pressure in economic operation by strengthening counter-cyclical macro-policy adjustments. We target issues such as insufficient domestic demand by focusing more on people's livelihoods and promoting consumption. We target difficulties faced by some enterprises by increasing assistance and support and optimizing the business environment. We target the weakness in the real estate market by adopting comprehensive policy measures to promote the stabilization and recovery of the property market. We target issues such as the previous stock market downturn by introducing a series of powerful and effective measures to boost the capital market."

(Voice_over)

The NDRC said the range of stimulus policies would not only help ensure China meets its growth target for the year but would also put it in a good starting place for the next five years.

It also said that despite current headwinds including a slowing global economy, China's stable and robust growth fundamentals remain unchanged.

(Sound_bite)

Zheng Shanjie, Director, National Development and Reform Commission:

"There are two key words for understanding China's economy: 'stability' and 'progress'. 'Stability' is reflected in the overall economy. Agricultural production is stable, with a good harvest expected for the whole year; industrial growth is fast; and the service sector is growing steadily. Investment and consumption continue to grow. 'Progress' is mainly reflected in structural optimization, with new growth drivers accelerating development and expansion."

(Stand_up)

Sun Ye, Reporter:

"The NDRC also said that China will be introducing a batch of major foreign investment projects and other measures to encourage foreign companies to deepen their roots in China, enabling them to, quote, 'succeed in China'."

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