Chinese leadership insists cold heads on the economy to push for a fair recovery – KBC


Continuing from a strong economic recovery, China’s top leadership has demanded positive headlines on impressive growth to place more emphasis on stabilizing structural reforms for long-term recovery.

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Although China’s economy has started well this year, senior management insisted on Friday that data for the first quarter of the country should be viewed through dialogue.

“The current economic recovery is still unequal and the foundation is not strong,” noted a meeting of the Political Office of the Communist Party of the Central Committee of China.

China’s economy grew 18.3 percent year-on-year in the first quarter of 2021, as high domestic and foreign demand strengthened its recovery from a low base in early 2020 when COVID-19 hit the world’s second-largest economy.

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Recognizing that double-digit growth was fueled by fundamental impacts, policymakers reiterated further efforts to strengthen structural reforms and remove barriers to domestic and international circulation as China faced a “window of opportunity” at a time when there is less pressure to maintain. consistent growth.

Internally, while many sectors have emerged from the effects of the catastrophe faster and stronger than expected, some still feel the pinch.

Official figures showed China’s first-year manufacturing manufacturing investment for 2020 and 2021 was less than 2 percent on average from 2019. Recovering consumption, a key pillar of economic growth, also requires further inclusion.

Other challenges include pushing for industrial improvement, stabilizing the property market, reducing financial risks and development plans towards carbon offsets, as well as tackling uncertainty in the global market.

Friday’s meeting needed to address such issues, and pledged to implement general policies more effectively while maintaining their sustainability, stability and sustainability.

It encouraged efforts to maintain optimistic expectations, keep the economy running within a reasonable range, and ensure it achieves a high level of equity during recovery.

The country’s monetary policy should be fully implemented, while a sound monetary policy should be adopted to maintain efficient and adequate liquidity, the conference stressed.

China should strike a balance between short-term and long-term goals, and focus on solving structural problems to facilitate a high level of equality, said Dong Yu, executive vice president of the China Development Planning Institute at Tsinghua University. .

With the Chinese government not at all under pressure to achieve a growth target of more than 6 percent this year, the complex problems collected in previous years will begin to be cleared every year this year, according to Zhang Zhiwei, Pinpoint’s asset management economist.

Zhang cited the latest Chinese policy measures, as well as regulations on mortgage lending, as evidence of the government’s commitment to address the economic crisis.

“It is important to note that although these policies can pose risks in the short term, in the long run, they are good for China’s economic development and the capital market,” Zhang said.

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