China has the confidence, the condition and the ability to keep its economic growth at a reasonable level, a senior state planning official told Xinhua News Agency.
The world’s second-largest economy faces multiple challenges looking to 2022, amid a slowdown in real estate and tight COVID-19 restrictions in some areas, which is hurting consumer spending. China should assess the likely impact of policies on growth before they are implemented and “be careful” in deploying those that have contractionary effects, said Ning Jizhe, deputy director of the National Development Commission and reform (NDRC), in the interview published on Wednesday.
The country will prepare for next year’s economic work in advance and “will strive to stabilize economic operations in the first quarter, the first half and even the whole year.” China has issued 1.46 trillion yuan ($ 229.21 billion) of the 2022 anticipated quota for special local government bonds to stimulate investment and support the economy, the ministry said last week. finances.
China will increase public spending, strengthen its support for manufacturers and small businesses and ensure price stability, Ning added. China will also make efforts to stabilize industry supply chains, focus on solving chip shortage issues and step up monitoring of commodity prices, said Ning, who is also the head of the National Bureau of Statistics.
To promote economic growth, China will continue to implement proactive fiscal policies, step up efforts to build an integral domestic market, while further reducing the “negative list of foreign investment,” Ning said citing Xinhua. China uses a so-called negative list to ban or limit foreign investment in certain industries, such as telecommunications or resources.
China will also combine inter-cyclical and counter-cyclical measures to avoid savage economic volatility, Ning said. ($ 1 = 6.3698 Chinese yuan)
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)