It is expected that the Chinese economy will have more favorable conditions and opportunities in 2024 than this year, state-run Chinese media reported.
Macroeconomic policies will continue to support economic recovery, the official news agency Xinhua reported in a detailed report on the annual Central Economic Conference held from December 11 to 12, during which top leaders set economic goals for the next year.
– Prices in China are low, the central government’s debt levels are not high, and there are conditions for strengthening the implementation of monetary and fiscal policy – Xinhua quotes the office of the Central Commission for Financial and Economic Affairs.
However, there are still blockages in the domestic economic cycle, as demand, consumption, and corporate investments remain weak, it is stated.
Next year, officials said, China will strive to transition from post-pandemic recovery to sustainable consumption growth.
The International Monetary Fund revised its growth estimate for China this year upward to 5.4 percent last month, citing a strong recovery after COVID. The government has set a targeted GDP growth of around five percent.
The world’s second-largest economy will also support new areas of consumption growth such as smart homes, recreation and tourism, and sporting events.
The effects of this year’s issuance of government bonds, interest rate cuts, tax and fee reductions, and other measures will continue into next year, the report states.
China is expected to continue monitoring its struggling real estate market and meet the reasonable financing needs of real estate companies.
– With coordinated efforts from all parties, the political goals of preventing real estate risks and stabilizing the market can be fully achieved – the report from Xinhua conveys.
