China to fully deliver supportive policies to consolidate economic recovery
China will take solid steps to ensure full and effective implementation of the policy package for stabilizing the economy and the follow-up measures, to consolidate the foundation of economic recovery and growth, according to a State Council executive meeting chaired by Premier Li Keqiang on Tuesday.
The meeting
The meeting noted the solid efforts made by local governments and competent departments in delivering the policy package for stabilizing the economy and the follow-up measures, which have provided effective underpinning for reversing the economic slide early in the second quarter and keeping overall economic stability. The fourth quarter is crucial for the economic performance of the whole year, and now is a critical moment for consolidating the foundation for economic recovery and growth. Sustained efforts must be made with a sense of urgency to maintain the upward momentum.
Implementation
It is imperative to fully implement the policy package for stabilizing the economy, maintain stable employment and prices, keep major economic indicators within a proper range, and strive for better results.
Fiscal and financial policies were rolled out earlier to support key projects and equipment upgrading and renovation.
This is an important step to promote investment, spur consumption, keep economic activity on an even keel, and pursue structural adjustment. These policies are making a difference, and there is still great potential to be unlocked. “The economic situation is complicated this year. Shocks from COVID-19 and other factors have turned out to be greater than expected,” Li said.
“Competent departments have taken robust steps to implement the policy package for stabilizing the economy and the follow-up measures.
Positive progress has been made in advancing the construction of major projects as well as equipment upgrading and renovation. Meanwhile, different localities face different circumstances and some measures introduced are yet to be delivered on the ground due to various reasons.
Further efforts must be made to ensure full implementation,” Li added.
The meeting urged expediting the construction of key projects. To date, the financial instruments introduced in two batches have provided support to 2,700-plus major projects, and nearly 90 percent of the projects have been launched. The coordination mechanism for major projects must continue to run efficiently, to push for earlier fund allocation and faster construction, and catalyze more investment from the private sector including private firms, so as to generate more physical gains as quickly as possible.