China’s economy stands on a solid foundation with strong resilience and immense potential, according to Lou Qinjian, spokesperson for the third session of the 14th National People’s Congress (NPC). Speaking at a press briefing ahead of the NPC session scheduled from March 5 to 11, Lou expressed confidence in the nation’s economic prospects.
Over the past year, China implemented a series of policies that boosted social confidence and achieved a growth target of around 5 percent. Lou highlighted the country’s vast market and comprehensive industrial system as key advantages supporting economic development. He noted ample opportunities for demand expansion, structural upgrades, and new growth drivers, which not only bolster economic development but also provide flexibility to address various risks and challenges.
“We are full of confidence in China’s economic prospects,” Lou stated, emphasizing the NPC’s commitment to providing legal guarantees for promoting high-quality development and a high level of opening up.
Greater Bay Area Development
Addressing questions about the development of the Guangdong-Hong Kong-Macao Greater Bay Area, Lou praised the Hong Kong and Macao Special Administrative Regions (SARs) for their significant contributions and irreplaceable roles in the country’s reform and opening-up process.
Lou noted that China’s central government has introduced numerous policy measures to fully support the participation of Hong Kong and Macao SARs in the Greater Bay Area’s construction. Over the past five years, the area’s total economic output has exceeded 14 trillion yuan (about $1.9 trillion). The flow of goods, capital, and personnel among the three regions has become more convenient, with the number of visitors to Hong Kong reaching 45 million in 2024.
Regarding people’s livelihood, Lou mentioned that Hong Kong has implemented multiple measures to increase housing and land supply, addressing residents’ housing challenges. Meanwhile, the establishment of the Macao Medical Center of Peking Union Medical College Hospital has enhanced the supply of medical resources in Macao, improving healthcare services for local residents.
