Following the economy’s hesitant stabilisation, state media outlet CCTV claimed on Wednesday that China would expedite the deployment of additional policies to support its economic recovery. The news was based on a cabinet meeting presided over by Premier Li Qiang.

The $18 trillion economy reported better-than-expected numbers for bank lending, industrial production, and consumption indices last month thanks to a flurry of support measures, but the property sector’s shaky performance continues to weigh on its economic prospects.

According to CCTV, China would continue to implement deeper reforms, widen its economic opening, and fully harness corporate enthusiasm.

“China will accelerate the introduction of relevant policies and work implementation, as well as further consolidate the economy’s upward trend,” CCTV said.

According to official media, feedback from an examination and survey of the nation’s economic recovery was delivered at the meeting.

According to CCTV, who reported on the meeting, local governments and government departments need to pay close attention to issues discovered during the inspection and survey and push for the implementation of already-released policy measures.

According to the survey’s recommendations, relevant government agencies should develop strategies and conduct in-depth study with an eye towards the economic climate in 2024, according to the official media.

The second-largest economy in the world has been losing momentum since April as the recovery from COVID’s reopening fell short of market and economist projections.

Yi Gang, a former governor of the People’s Bank of China (PBOC), stated in remarks released on Wednesday that China should provide policy support for the economy while promoting reforms to assist attain the annual growth objective of approximately 5%.

Due to the weakening in the real estate market, the Asian Development Bank on Wednesday lowered its growth prediction for China from 5.0% in July to 4.9%.

(Adapted from BusinessWorld.in)

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