ALBAWABA – Officials expect China’s economy to see more favourable conditions in 2024 and more opportunities than challenges, Reuters reported Chinese state media as saying, citing officials of the Chinese Communist Party's finance and economy office.
Macroeconomic policies will continue to provide support for economic recovery, the official Xinhua news agency said, in a detailed readout of the annual Central Economic Work Conference.
Top leaders in China convene at the conference annually to set economic targets for the following year.
"China's prices are low, central government debt levels are not high, and conditions are in place to strengthen implementation of monetary and fiscal policies," Xinhua said, quoting the office of the Central Financial and Economic Affairs Commission late Sunday.
Still, challenges persist in the domestic economic cycle as demand, consumption and enterprise investment remain weak.
China's economy is struggling with weak demand and a stifling property crisis - Shutterstock
Next year, the party officials said China will look to shift from a post-pandemic recovery to sustained consumption growth.
The International Monetary Fund last month revised upward its growth forecast for China to 5.4 percent this year, attributing the revision to a "strong" post-COVID recovery, Reuters reported. The government has set a target of around 5 percent.
China's economy, the world's second-largest, will also cultivate new consumption growth areas such as smart homes, recreation and tourism and sports events, as reported by state media.
The effects of this year's Treasury bond issuance, cuts in interest rates, tax and fee cuts and other policies will continue into next year, the report said. China would also continue to monitor its battered property market and meet the reasonable financing needs of real estate companies.
"With the concerted efforts of all parties, the policy objectives of real estate risk prevention and market stabilisation can be fully achieved," the Xinhua report said.
