BEIJING:China’s 2024 economic policies to focus on recovery, risk prevention, analysts say and Central Economic Work Conference to see how policymakers view prospects and priorities for 2024, China’s Global Times reported.
Signals point to continued policy support to consolidate China’s economic recovery within a reasonable growth range, while tackling risks and supply bottlenecks to enhance quality, say analysts surveyed by this newspaper.
The Political Bureau recently held a preparatory meeting for the conference, stressing the need to boost vitality and prevent risks to keep recovery on track. Proactive fiscal policy and flexible monetary policy will likely be strengthened to bolster demand and streamline operations, analysts say.
New stimulus is expected to focus more on consumption, which contributed 80 percent to China’s growth in January-November 2023. Reforms and innovation will also be pushed to establish new growth drivers and high-tech self-reliance, per official statements.
Despite global inst
ability, China’s economy shows strong resilience and policy room to achieve set targets, relative to other major economies projected to slow further. The IMF recently lifted its 2023 and 2024 China growth forecasts to around 5 percent and 4.6 percent respectively.
With appropriate policy support, China is still seen as the primary engine for global growth next year, experts tell the Global Times. The Central Economic Work Conference is expected to arrange more detailed measures to keep this crucial growth momentum steady through 2024.
Source: Emirates News Agency