With the Chinese economy advancing on a high-quality development path, recent incremental policies will boost China’s growth and help achieve its annual growth target of around 5 percent, which is uplifting both for China and the rest of the world.
China recently introduced a series of growth-promoting policies to support economic restructuring. Covering a wide range of important sectors of the economy such as domestic demand, investment and green energy, these policies are of great significance in stabilizing expectations, boosting confidence and reinforcing momentum in the world’s second-largest economy.
The just-concluded National Day “golden week” holiday recorded high domestic consumption and bustling outbound travel, showcasing strong market vitality. The recent capital market rally, which had not been seen in years, also reflected the improving market sentiment.
The government is expected to roll out more reform measures conducive to economic development. These include the formation of guidelines on building a unified national market, a new negative list for market access, and mechanisms to ensure increased investment in future industries.
China will expand the catalog of industries that encourage foreign investment, unveil a new group of major foreign-invested projects, and make its visa-free transit policies even more open, according to Zheng Shanjie, head of the National Development and Reform Commission.
China’s high-quality development means increased opportunities for the rest of the world. With China opening its door wider, foreign companies will get more opportunities in China’s huge market.
Undoubtedly, continued improvement of China’s economy is good news for the entire world, which is facing rising protectionism, a complex geopolitical situation and weak economic recovery.
At present, the Chinese economy is still facing very complicated and severe external environment, which requires considerable efforts to maintain economic stability and progress.
With the effects of incremental policies gradually emerging, China’s economic vitality will be further unleashed and market confidence will be further strengthened. Given the progress made in the first three quarters, the Chinese economy is poised to maintain overall stable growth for the whole year. This will be a shot in the arm for the world economy as well.
