China is confident it will meet its economic and social development goals for this year, according to Zhao Chenxin, deputy head of the National Development and Reform Commission. Speaking at a press conference on Monday, Zhao highlighted the nation’s robust policy reserves and ample room for maneuver as key factors underpinning this optimism.
To bolster the economy and stabilize employment, China plans to accelerate the implementation of supportive measures. This includes expediting the rollout and execution of policies and focusing on enhancing their efficiency and effectiveness. The aim is to ensure that businesses and the public benefit directly from these initiatives.
Zhao also emphasized efforts to maximize the impact of existing policies. Special campaigns to boost consumption are in the pipeline, along with plans to effectively utilize 5 trillion yuan (approximately $694 billion) in investment funds at the national level. Most of these measures are expected to take effect in the second quarter of the year.
The nation will continue to strengthen policy consistency and conduct regular, open-ended policy research. By fully preparing contingency plans and steadily improving the policy toolkit, China aims to maintain economic stability amid changing conditions.
“In response to evolving situations, incremental reserve policies will be rolled out in a timely manner,” Zhao said. He added that regardless of international developments, China will remain focused on managing its own affairs effectively.
China has set its full-year economic growth target at around 5 percent for 2023. In the first quarter, the country’s gross domestic product grew by 5.4 percent compared to the same period last year, indicating positive momentum toward achieving its annual goals.
