Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Focus

    China stronger after COVID challenge

    Xinhua | Updated: 2020-12-29 09:34
    Share
    Share - WeChat
    A ship loads cargo at Jingtang Port's container terminal in Tangshan, Hebei province. [Photo/Xinhua]

    The country's fast recovery rests partly with the macroeconomic policy mix of raising the deficit, tax relief as well as cuts in lending rates and banks' reserve requirements.

    "Unlike its European and US counterparts, China stayed away from using a deluge of stimulus policies but implemented more targeted countercyclical adjustments," said Xu Hongcai, deputy director of the Economic Policy Commission of the China Association of Policy Science.

    Compared with the 4 trillion yuan ($612 billion) stimulus package China adopted to cope with the 2008 global financial crisis, this year's measures were "gentle", said Zhang Yansheng, chief researcher of the China Center for International Economic Exchanges.

    To maintain stable liquidity while avoiding money flooding the market, China's central bank placed more focus on enabling structural policy tools, including re-lending and rediscount programs.

    China's financial institutions saved enterprises 1.25 trillion yuan during the first 10 months, and are expected to save 250 billion yuan more in November and December.

    Stabilizing employment has been a macroeconomic policy priority throughout the year as it closely relates to people's well-being and social stability.

    Due to relentless job creation efforts, the country's unemployment rate stood at 5.3 percent in October, the lowest of the year. Over 10 million new urban jobs were created during the first 10 months, meeting China's annual target ahead of schedule, said the Ministry of Human Resources and Social Security.

    For small and medium-sized businesses-the main drivers of job creation-debt and uncertainties remain major challenges.

    Xu said he expects macroeconomic policies to continue to focus on protecting market entities and boosting employment next year, which is crucial to stabilizing households' income expectations and increasing a willingness to consume.

    "Extraordinary measures should be phased out in 2021 instead of an abrupt exit," Xu said.

    In its third-quarter monetary policy report, China's central bank pledged to make its prudent monetary policy more targeted and flexible to better adapt to the needs of high-quality development and put more focus on the efficiency of financial services to support the real economy.

    Morgan Stanley predicted that policymakers will likely normalize credit growth and its fiscal stance next year with a full recovery in the labor market and deployment of COVID-19 vaccines, according to its November report.

    Noting that 2021 will be an especially important year for China in advancing modernization, a meeting of the Political Bureau of the Communist Party of China Central Committee on Dec 11 called for sound and precise implementation of macro policies, keeping the economy running within a reasonable range and adhering to the strategy of expanding domestic demand next year.

    Reforms on both supply and demand sides should be carried out to achieve a dynamic equilibrium on a higher level, in which supply and demand can boost each other, the meeting said.

    "China's overall economic efficiency has improved in recent years due to supply-side structural reforms. As the country will deepen reforms on both supply and demand sides in the years to come, the economy will see greater growth potential," Zhang said.

    |<< Previous 1 2   
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    亚洲色无码播放| 91精品日韩人妻无码久久不卡| 好硬~好爽~别进去~动态图, 69式真人无码视频免 | 午夜福利无码不卡在线观看| 91中文字幕在线观看| 99热门精品一区二区三区无码 | 久久久噜噜噜久久中文字幕色伊伊| AV无码人妻中文字幕| 亚洲乱码无码永久不卡在线| 娇小性色xxxxx中文| 一区二区三区无码高清| 国产成人无码18禁午夜福利p | 中文无码vs无码人妻| 熟妇人妻中文字幕无码老熟妇| 免费a级毛片无码免费视频| 亚洲va无码手机在线电影| 国产色爽免费无码视频| 韩国三级中文字幕hd久久精品 | 狠狠躁狠狠爱免费视频无码| 一区二区三区人妻无码| 中文字幕乱码人妻综合二区三区 | 狠狠躁天天躁无码中文字幕| 亚洲精品人成无码中文毛片 | 精品久久久久久无码人妻热| 日韩AV片无码一区二区不卡电影| 亚洲午夜无码久久久久| 中文无码喷潮在线播放| 最近中文字幕高清字幕在线视频 | 无码任你躁久久久久久久| 国产亚洲精久久久久久无码AV | 无码免费一区二区三区免费播放| 国产精品99久久久精品无码| 中文字幕无码高清晰 | 天堂无码在线观看| 久久久久久亚洲精品无码| 国产精品无码久久综合网| AV无码一区二区大桥未久| 国产精品99无码一区二区| 中中文字幕亚洲无线码| 日韩精品人妻一区二区中文八零| 中文字幕亚洲欧美日韩在线不卡 |