China's economy has strong resilience and great potential

China's National Development and Reform Commission (NDRC) said it will step up development and reform, adhere to the general principle of taking economic stability as the top priority, and promote progress while ensuring stability.

China promotes economic reform and development. (Source: Bloomberg)

At the July 30 meeting, the NDRC highlighted six tasks, including strengthening macro-policy rectification; promoting consumption and increasing investment; supporting the development of the real economy; promoting reform and opening up; consolidating the economic security foundation; and ensuring and improving social welfare.

The committee said the world's second-largest economy has strong resilience, great potential and its long-standing economic fundamentals remain unchanged.

Growth in the world's second-largest economy slowed in the second quarter due to weak demand both at home and abroad.

Figures from the National Bureau of Statistics of China (NBS) show that the country's gross domestic product (GDP) in the second quarter of 2023 increased by 6.3% over the same period last year, higher than the 4.5% growth in the first quarter but still lower than the expected 7.3%.

To address the issue, the Chinese government announced a 20-point plan to boost consumption, including boosting demand for housing as well as cultural and tourism sectors, and green consumption such as electric vehicles.

Under the plan, the government will improve charging infrastructure to promote the use of electric vehicles, support housing demand by expanding the supply of affordable rental homes, and encourage tourism by requiring local governments to cut costs or even waive entry fees at tourist sites.

Some NDRC officials said they will take advantage of the summer, Mid-Autumn and National Day holidays to boost consumption.

Source: https://baoquocte.vn/ndrc-kinh-te-trung-quoc-co-kha-nang-chong-chiu-vung-chac-tiem-nang-lon-236623.html