China vows no 'policy cliff' in 2021

BEIJING - China will not see a "policy cliff" in 2021 as the country aims to keep its macro policies consistent, stable and sustainable to support steady economic recovery, an official said Tuesday.

"China's macro policies will be in line with the needs of sustaining stable and sound economic development, and there will be no abrupt turnarounds," Yan Pengcheng, an official with the National Development and Reform Commission, told a press conference.

Yan underscored the necessity of sustaining supportive measures this year, as some micro, small and medium-sized enterprises have just managed to navigate the COVID-19 slump and still need some time to recover.

Last year, China unveiled a series of special measures in response to the epidemic-induced economic fallout. These measures played an important role in stabilizing the Chinese economy amid the ravaging COVID-19 and global economic recession.

But some of the temporary and emergency relief policies cannot be used as "long-term solutions," Yan noted.

With the economy gradually restoring strength, more efforts are needed to stimulate the vitality of market entities via reforms and innovation, which will also provide more space for policymakers to maneuver in the face of a more complicated situation in the future, Yan added.

In the key Central Economic Work Conference held last month, China's policymakers have vowed to keep macro policies consistent, stable and sustainable in 2021, with continued implementation of a proactive fiscal policy and prudent monetary policy.