China’s economy is poised for improved circumstances

The 14th National People’s Congress spokesman Lou Qinjian stated during a press briefing on Monday that more opportunities than obstacles are expected for China’s economy. China’s economic prospects are quite confident, he said, noting that the “underlying trend of economic rebound and economic fundamentals that will sustain long-term growth remain unchanged”. He stated that going forward, the NPC and its Standing Committee will work to improve legislation gradually and to create laws that will protect high-quality growth.

 

In order to strengthen the fundamental engine of the economy, more attempts will be made to promote legislation targeted at deepening reforms. These efforts will include supporting the growth of the private sector and executing financial institution reforms. In sharp contrast to several other major countries, China’s economy has maintained strong growth amid uncertainties and challenges on both the domestic and foreign fronts. According to figures released by the National Bureau of Statistics, China’s GDP grew by 5.2 percent in 2023—much faster than the economies of the US, the eurozone, and Japan, which all had growth rates of 2.5, 0.5, and 1.9 percent, respectively.

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