China is confident to maintain steady and healthy economic growth and achieve the full-year growth target, the country’s top economic planner said Tuesday.
The market sentiment has improved recently with a pick-up of the purchasing managers’ index in the manufacturing sector, a warming stock market and a vital consumption market during the National Day holiday following the implementation of existing policies and the additional policies unveiled recently, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), told a press conference.
The fundamentals of China’s economic development have not changed, and favourable conditions such as huge market potential and strong economic resilience have not changed, said Zheng.
China’s financial authorities announced a broader-than-expected policy package last month to stimulate economic recovery. These policy measures include reducing the reserve requirement ratio for banks and mortgage rates for existing homes, as well as introducing new monetary programs to boost the capital market, among other initiatives.
The recently unveiled package of additional policies was designed to strengthen counter-cyclical macro policy adjustment, expand effective domestic demand, increase efforts to help enterprises, stabilize the real estate market and boost the capital market, Zheng said.
The Chinese economy was able to maintain overall stable growth, with progress made in the first three quarters, said Zhao Chenxin, deputy head of the NDRC, in the press conference.
With the effect of additional policies gradually emerging, China’s economic vitality will be further unleashed, market confidence will be further strengthened, and the foundation for the high-quality development and stable economic operation will be further consolidated, said Zhao.
