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Full preparations to front-load macroeconomic policy

Updated: Nov 20, 2023 By Zhou Lanxu Print
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High-rises dominate the skyline on both sides of the Huangpu River in Shanghai. [Photo by Gao Erqiang/China Daily]

The National Development and Reform Commission said on Thursday it will make full preparations to front-load macroeconomic policy support early next year, ensuring a solid start for the Chinese economy in 2024.

Li Chao, deputy director of the Office of Policy Studies at the NDRC, said at a news conference on Thursday, that the commission will effectively coordinate macroeconomic policies for this year and next, focusing on policy synergy and accuracy.

The NDRC will assess whether new policy measures are consistent with the country's stance on macroeconomic policy, Li said, adding that the commission will take the integration of elderly care, childcare and other services facilities into urban communities as part of its efforts to expand domestic demand.

As for attracting foreign investment, Li said the commission will work to launch the seventh batch of major foreign investment projects - which are large in scale and technologically advanced - as soon as possible while facilitating pragmatic cooperation between domestic and foreign-invested businesses.

Li added that the private economy development bureau, a new NDRC department aimed at boosting the private economy, has studied new policy measures to strengthen the international competitiveness and branding of private enterprises.

The development of the country's private economy has improved marginally, she said, as the number of newly registered private enterprises grew by 18.1 percent year-on-year in September, 8.4 percentage points faster than in August.

Ouyang Shijia contributed to this story.

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