China shows strong confidence in achieving stable growth

According to Reuters on December 14, 2024, Han Wenxiu, Deputy Director in charge of daily work at the Central Finance Office, stated on the 14th that China's gross domestic product is expected to grow by around 5% this year

He said at an economic conference that it is expected that China's economy will contribute nearly 30% to global economic growth this year

He also stated that it is expected that the country's foreign exchange reserves will remain above $3.2 trillion, while employment and prices will also remain stable

The website of Singapore's Lianhe Zaobao pointed out that China's Central Economic Work Conference proposed to implement more active and promising macro policies next year. Han Wenxiu, the deputy director in charge of daily work at the Central Finance Office, said that the new policy proposal has high value

According to reports, Han Wenxiu stated at the 2024-2025 China Economic Annual Conference held at the China International Economic Exchange Center on the 14th that more proactive and effective macroeconomic policies should be implemented, including a more proactive fiscal policy and a moderately loose monetary policy

He pointed out that relevant policies are conducive to increasing countercyclical adjustment efforts, better responding to unstable and uncertain factors in economic operation, and providing strong policy support for achieving the annual target tasks

He stated that behind the new policy proposal, there is a high level of value, and the specific plan will be presented on stage at the National People's Congress and Chinese People's Political Consultative Conference

In addition, the website of Brazil's Forum magazine published an article on December 12th analyzing that the two-day Central Economic Work Conference is an important annual meeting for formulating next year's economic agenda. The statement released after the meeting showed that the Chinese government is confident in maintaining stable growth of the world's second-largest economy next year

This meeting has set the general tone for future actions, and will achieve the main goals through a series of policy measures, including increasing the fiscal deficit ratio, increasing the issuance of ultra long term special treasury bond, and timely reducing reserve requirements and interest rates

The meeting pointed out the need to strengthen confidence and expressed the goal of completing the tasks of the 14th Five Year Plan with high quality

The meeting analyzed the current economic situation and pointed out that the overall economic operation this year is stable and steady with progress, and the main goals and tasks of economic and social development are about to be successfully completed

The meeting also deployed next year's economic work. The relevant measures aim to maintain stable economic growth, with a focus on technological innovation, boosting consumption, and expanding high-level opening up to the outside world

The article argues that the goal of these efforts is to consolidate China's position as a global leader in economic development in the face of various challenges

The websites of Hong Kong's South China Morning Post, Bloomberg News, and Singapore's Straits Times also pointed out that this important economic conference in China has made people confident in the way forward. A series of wide-ranging measures demonstrate the determination to inject momentum into domestic economic growth