Beijing, October 10, 2024 – China’s economy is projected to maintain its recovery momentum in November and December, according to the National Development and Reform Commission (NDRC). The country’s top economic planner attributes this positive outlook to effective policy measures that have bolstered market confidence.
At a press conference on Tuesday, NDRC spokesperson Li Chao highlighted a rise in business optimism since September. “Multiple economic indicators have shown increased market confidence and expectations among businesses, with a growing willingness to invest and produce,” Li said.
Despite facing domestic and international challenges, China’s Gross Domestic Product (GDP) grew by 4.8% year-on-year in the first three quarters of 2024. The NDRC is collaborating with various sectors to achieve the annual growth target of around 5%.
Looking ahead to 2025, Li expressed confidence in the economy’s vast potential and supportive factors. He pointed out that the urbanization rate still has significant room for improvement, which will boost consumer demand. Additionally, emerging business models in green technologies, digital sectors, eldercare, and childcare services are expected to generate robust demand.
“With ample policy space, we have steadily enhanced our policy toolkit, including targeted regulation and counter-cyclical adjustments,” Li noted. “These efforts will effectively support the steady and healthy development of the economy.”
Li concluded with an optimistic outlook: “The underlying trend of economic recovery and long-term growth remains unchanged, and we have full confidence in this.”
Reference(s):
NDRC: China's economy to sustain recovery in November & December
cgtn.com
