China confident it will sustain economic recovery in 2021

China confident
This undated photo shows a morning view of the Huangpu River in Shanghai.- China Daily

BEIJING (Xinhua): China is confident that this year it will maintain its economic recovery and achieve stable growth, an official with the top economic planner of the country said.

Ning Jizhe, deputy head of the National Development and Reform Commission, told Xinhua in a recent interview that the country is still in a significant time of strategic potential for development.

Ning, also head of the National Bureau of Statistics, said that efforts would be made to enhance the efficiency of the supply system through work in areas such as science-technology innovation, industrial and supply chains, and grain protection in order to encourage a new growth paradigm.

Expand Domestic Demand

China would improve demand-side management in 2021 and further expand domestic demand by leveraging the potential of new consumer models. It can increases productive investment and implementing growth strategies. For example, they organised regional development and people-centered urbanisation.

Ning underscored efforts to deepen the reform and opening-up of China, advance green growth and ensure the well-being of the people.

However, he noted some potential challenges. For example, the global spread of the virus, external environment uncertainties, domestic pressure from the control of viruses, as well as systemic contradictions in the domestic economy.

According to Ning, China will keep its macro policies clear, stable and sustainable in 2021. It is for maintaining the requisite support for economic recovery. And it will also pledge to make macro policies more targeted and organised.

According to the annual Central Economic Working Conference, China will work to ensure its economy operates within an acceptable range. Also, it will continue to introduce constructive fiscal policy and prudent monetary policy in 2021.

In the third quarter of 2020, China’s GDP rose 4.9% year on year. It is up from 3.2 % growth in the second quarter and a 6.8% slump in the first quarter.

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China confident it will sustain economic recovery in 2021

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