China's NDRC Unveils 200 Billion Yuan Stimulus Package to Boost Economy Amid Challenges

Oct 8, 2024, 02:34 AM

China has introduced a package of incremental pro-growth policies to boost its economy amid increasing downward pressure. Despite the challenges, the National Development and Reform Commission (NDRC) stated that China's economy remains largely stable but is facing more complex internal and external environments. The NDRC announced plans to step up counter-cyclical adjustments and improve policy coordination. Measures include quickening fiscal spending, with plans to issue 200 billion yuan in advance budget spending and investment projects from next year. The commission will support state banks in replenishing core capital. Efforts will also focus on expanding domestic demand, prioritizing consumption, stabilizing the property market, and boosting capital markets. The NDRC expressed full confidence in promoting sustained, stable, and healthy economic development in 2024 and 2025. Market expectations have improved following the adoption of new policies. The Vice Chairman emphasized adopting multiple measures to stimulate the private sector and promote employment through economic development.