China will ensure the full implementation and effective delivery of the comprehensive package of policies and follow-up measures to stabilize the economy.

Release Date:

2022-11-24

　　BEIJING, Nov. 23 (Xinhua) — By reporter Shen Cheng: At its meeting held on the 22nd, the State Council Executive Meeting outlined measures to ensure the full and effective implementation of the comprehensive package of policies and follow-up measures aimed at stabilizing the economy, thereby consolidating the foundation for the economy’s recovery and upward momentum.

　　The meeting stated that economic performance in the fourth quarter is of paramount importance to the full-year outlook, and that the current period represents a critical juncture for consolidating the foundations of economic stabilization and recovery. It is imperative to maintain unwavering momentum to sustain the economy’s ongoing recovery. Comprehensive policies and measures to stabilize the economy must be earnestly implemented to ensure stable employment and prices, keep economic activity within an appropriate range, and strive for favorable outcomes.

　　Meng Wei, spokesperson for the National Development and Reform Commission, recently stated that, as the comprehensive package of policies to stabilize the economy and their follow-up measures are accelerated and begin to yield results, a series of initiatives—including policy-based and development-oriented financial instruments, special re-lending programs for equipment upgrading and transformation, fiscal interest subsidies, and the expansion of medium- and long-term loans to the manufacturing sector—will collectively deliver significant effects in the fourth quarter, further bolstering industrial growth momentum and investor confidence.

　　The meeting noted that the fiscal and financial policies introduced earlier to support the construction of major projects and the upgrading and renovation of equipment are important measures for boosting investment, stimulating consumption, stabilizing the economy, and adjusting the economic structure. The policy effects are beginning to emerge, and significant potential remains. At the same time, conditions vary across regions, and for a variety of reasons, some measures have not been fully implemented; therefore, continued vigorous efforts are needed to ensure their effective execution.

　　Accelerate the construction of major projects, ensuring that the coordination mechanisms for key initiatives continue to operate efficiently and expedite both fund disbursement and project implementation. Speed up the rollout of equipment upgrades and renovations; building on the near‑completion of project loan agreements, shift the focus to disbursing special re‑lending funds and allocating fiscal interest subsidies. Stabilize and expand consumption, support the sustained, healthy development of the platform economy, and implement city‑specific policies to meet both rigid and improvement‑type housing demand. Ensure the smooth flow of transportation and logistics by maintaining uninterrupted coordination under the established work mechanism. Strengthen financial support for the real economy, guide banks to moderately reduce margins on outstanding inclusive small and micro‑loans, and appropriately and timely deploy monetary policy tools such as reserve requirement ratio cuts. Effectively safeguard basic living standards by conducting ongoing monitoring and providing assistance to vulnerable groups and the unemployed… The meeting laid out specific measures across six key areas.

　　Li Chengjian, deputy director of the Second Research Office of the Department of Macroeconomics at the Development Research Center of the State Council, stated that the comprehensive package of policies and follow-up measures to stabilize the economy continue to be implemented and yield results, which will play a positive role in stabilizing investment and boosting consumption. Coupled with the relatively low base effect from the same period last year, the economy is expected to maintain its recovery momentum in the fourth quarter.

　　The meeting emphasized the need to strengthen oversight and support. By the end of November, each of the State Council’s supervisory task forces will visit relevant localities to oversee the implementation of the comprehensive package of policies and measures for stabilizing the economy and provide the necessary assistance and services.

Editor-in-charge: Xu Haizhi

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