China has unveiled plans to address key risks in its economy while pursuing high-quality development. On Wednesday, Premier Li Qiang presented a government work report at the National People’s Congress in Beijing, outlining strategies to strengthen the nation’s economic stability.
One of the main focuses is the real estate market. To combat the current downturn and restore stability, China plans to redevelop urban villages and renovate old, dilapidated houses. These efforts aim not only to improve living conditions but also to stimulate investment and create jobs.
The government is also taking steps to manage local government debt. By refining evaluation and control measures, China will adjust the list of areas with high debt risks. This approach is intended to open new avenues for investment while keeping financial risks in check.
Additionally, China plans to address challenges faced by small and medium-sized local financial institutions. Through coordinated efforts and market-based solutions, the government aims to transform these institutions, promoting a healthier financial system that can better support businesses and individuals.
These measures reflect China’s commitment to balancing development and security, ensuring that economic growth benefits all sectors of society.
