China step up macro policy coordination to upleash potential of consumer spending, to prudently resolve risks in real estate, financial, local government debts – state planner NDRC

 

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China will step up macro policy adjustments and strengthen coordination of various policies, said Zhao Chenxin, Deputy Director of the National Development and Reform Commission, at a press conference on Monday.

The strategy to expand domestic demand should be combined with the deepening of supply-side reforms to further unleash the potential of consumer spending, he said.

The government will promote faster and greater investment, deeply implement the innovation-driven development strategy, accelerate the construction of a modern industrial system, supply high-quality products and services that adapt to, lead, and create new demands, and promote a virtuous cycle of supply and demand at a higher level, he added.

For the next step, China will focus on coordinating development and security, prudently deal with risks in areas such as real estate, finance, and local government debts, and effectively strengthen security capabilities in areas such as grain, energy resources, and important industrial supply chains, said Zhao. 

Meanwhile, China will further strengthen economic monitoring, forecasting, pre-warning, and policy research and reserves, enrich the policy toolbox, prepare for various difficult situations, and promote the overall improvement of the economic operation, he said.