China is stepping up its game to boost its economy with new and innovative macroeconomic regulations. According to a government work report submitted to the national legislature on Wednesday, these measures aim to promote economic recovery and growth in 2024.
The report highlights that while the economy started strong in the first quarter of last year, it faced challenges in the second quarter due to various external and internal factors. These challenges led to a decline in key indicators and increased downward pressure on the economy.
However, China has managed to turn things around. The nation has seen a rapid recovery in demand, accelerated production growth, and a significant improvement in market expectations.
One major focus has been stabilizing the real estate market. Efforts include reducing interest rates for housing loans and lowering down payment ratios. According to the report, these steps have led to an annual reduction of about 150 billion yuan (around $20.64 billion) in interest payments for existing mortgages.
By implementing these robust measures, China aims to strengthen its economic recovery and set the stage for sustained growth in the coming year.
