 |
| China is pushing for economic reform and development. (Source: Bloomberg) |
At its meeting on July 30, the NDRC highlighted six tasks, including strengthening macroeconomic policy rectification; promoting consumption and increasing investment; supporting the development of the real economy; promoting reform and opening up; consolidating the foundation of economic security; and ensuring and improving social welfare.
The committee argued that the world's second-largest economy possesses robust resilience, significant potential, and its long-standing economic fundamentals remain unchanged.
The growth of the world's second-largest economy slowed in the second quarter due to weak demand both domestically and internationally.
Data from China's National Bureau of Statistics (NBS) shows that the country's Gross Domestic Product (GDP) grew by 6.3% in the second quarter of 2023 compared to the same period last year, higher than the 4.5% growth in the first quarter but still lower than the expected 7.3%.
To address this issue, the Chinese government announced a 20-point plan to boost consumption, which includes promoting demand for housing, as well as cultural and tourism sectors, and green consumption such as electric vehicles.
According to the plan, the government will improve charging infrastructure to encourage people to use electric vehicles, support housing needs by expanding the supply of affordable rental housing, and encourage tourism by requiring local authorities to reduce or even waive entrance fees at tourist attractions.
Some NDRC officials said they would take advantage of summer holidays, Mid-Autumn Festival, and National Day to boost consumption.
Source
Comment (0)