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China pushes for arduous economic initiatives

China pushes for arduous economic initiatives

China pushes for arduous economic initiatives

China pushes for arduous economic initiatives

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  • Arduous efforts are needed to prolong China’s economic recovery.
  • The world’s second-largest economy is projected to benefit.
  • The abrupt relaxation of controls risks greater outbreaks of the virus
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Due to a harsh external environment and the global economy’s lack of momentum, “arduous efforts” are needed to prolong China’s economic recovery, the country’s top state planner said.

Friday’s comments come following worse-than-expected November economic data.

The world’s second-largest economy is projected to benefit from the weakening of China‘s tight “zero-COVID” system, but the abrupt relaxation of controls risks greater outbreaks of the virus, which might damage businesses and consumers.

Policymakers must also guide the economy through other obstacles, including the property sector downturn and declining external demand.

China’s economic development is projected to continue picking up as COVID-19 prevention and control measures are implemented and economic stabilization policies take effect, according to a National Development and Reform Commission spokesperson (NDRC).

The economy faces a difficult and severe external environment and decreased growth momentum, the spokesperson added.

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They continued, “We must work hard to encourage economic recovery.”

The statement stated China will stabilize growth, employment, and prices while speeding up infrastructure construction and growing effective investment.

As investment in the property sector dropped, the infrastructure and manufacturing sectors boosted fixed asset investment growth, contributing to 26,7% of China’s GDP growth in the first three quarters.

The NDRC authorized 106 big projects worth 1.5 trillion yuan in November.

As Lunar New Year approaches, the state planner has vowed to release pork reserves to stabilize prices.

China wants to boost domestic consumption and investment to boost its COVID-hit economy, state media reported Wednesday.

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The country will also help eastern Zhejiang province create a common prosperity campaign pilot zone and expand middle-income groups, the statement said.

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