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Striving for Stable, Healthy, and Sustainable Economic Development

By Qiu Ping Source: Updated: 2023-06-12

Despite a volatile and complex situation abroad and the challenging tasks of advancing reform and development and ensuring stability at home, China possesses the conditions and capacity to achieve stable, healthy, and sustainable economic development. Going forward, we need to work toward full economic recovery guided by the principle of striving for growth amidst stability.

Exercising more effective macro regulation

While increasing the intensity and effectiveness of our proactive fiscal policy, and maintaining an appropriate intensity of fiscal spending, we will implement a prudent monetary policy in a targeted and effective manner, maintain a proper and adequate liquidity supply, and guide financial institutions to increase their support for key sectors and weak links.

In addition, coordination shall be strengthened between policies in the industrial, scientific and technological, and social domains in order to lend powerful support to stabilizing the economy.

Expanding domestic demand

To revive and expand consumption, a combination of measures will be adopted to boost people’s spending power, such as improving the consumption environment, creating new consumption scenarios, fostering a high-quality supply system for consumption, continuing to elevate conventional consumption, incubating new types of consumption, and growing areas of strong consumer spending.

Meanwhile, efforts will be made to increase effective investment, expedite the implementation of major projects set out in the 14th Five-Year Plan (2021-2025), and promote the construction of new types of infrastructure. By utilizing the attraction of large projects and catalytic role of government investment, we will be able to encourage and solicit more private capital into major national projects.

Continuing to invigorate market entities

It’s vital to work unswervingly both to consolidate and develop the public sector and to encourage, support, and guide development of the non-public sector. In doing so, we need to protect the legitimate rights and interests, including property rights, of all market entities, stimulate strong development in the private sector, and support private companies in taking part in and serving major national strategies.

Besides, building a unified national market requires us to keep improving foundational market systems, continuously optimize the business environment, fully implement the negative list-based market access system, and remove hidden barriers to access.

Emphasizing the role of the innovation-driven development strategy

To achieve greater self-reliance and strength in science and technology, efforts will be put into the following aspects: making breakthroughs in key technologies; strengthening complete industrial chains in key areas; shoring up weak links in industrial chains; transforming and upgrading traditional industries; encouraging the manufacturing sector toward higher-end, smarter, and greener production; advancing the innovative development of digital industries; and fostering digital industry clusters.

What’s more, we will support platform enterprises in boosting technological innovation, becoming more internationalized, and playing a greater role in leading development and other areas.

Further promoting high-standard opening up

On the one hand, we will advance innovative development in trade, by lending strong support to new forms and models of foreign trade, and improving and upgrading trade in goods. On the other hand, our efforts will be redoubled to attract and utilize foreign investment, ensure national treatment for foreign-funded companies, and facilitate the launch of landmark foreign-funded projects.

By making headway with joint efforts to develop Belt and Road projects, we are able to consolidate and expand pragmatic cooperation with participating countries, seek new areas of cooperation, and constantly improve the level and quality of trade and investment cooperation.

Promoting measures that deliver real benefits and avert risks

The measures are as follows: adhering to the employment-first policy and promoting employment among key groups, such as migrant workers and young people; increasing inputs in areas important to people’s wellbeing, so as to ensure adequate supply and stable prices of daily necessities, and better safeguard the people’s wellbeing; improving the income distribution system to make solid progress in advancing common prosperity; implementing long-term mechanisms for the steady and healthy development of the real estate market in line with the principle that housing is for living in, not for speculation; strengthening inter-departmental coordination on oversight to avert and ameliorate fiscal and other financial risks; thoroughly advancing the energy revolution to increase our capacity for ensuring energy security.