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ug官方网站(www.ugbet.us):China regulator pushes policies to stabilise economy

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“Industrial growth drivers and investing confidence will continue to increase as the implementation of economic stabilisation policies will accelerate, and a series of measures will achieve the desired effect in the fourth quarter,” says NDRC. – AFP

BEIJING: China’s top economic regulator will promote policies to stabilise the economy, expedite the financing of projects via policy-based and developmental financial instruments, accelerate infrastructure projects and expand investment, according to a National Development and Reform Commission (NDRC) official.

“We have noticed that economic stabilisation is speeding up in major economically developed provinces.

“Industrial growth drivers and investing confidence will continue to increase as the implementation of economic stabilisation policies will accelerate, and a series of measures, including the launch of a re-lending facility to support equipment upgrades, will achieve the desired effect in the fourth quarter,” said Meng Wei, a spokeswoman for the NDRC, at a news conference.

“Recently, China announced measures to optimise Covid-19 response and guide local governments to put into practice anti-pandemic measures in a more scientific and targeted way.

“This is conducive to further promoting unimpeded flows in the economy and the market demand recovery. As for the outlook for the whole year, China’s economic growth is likely to accelerate further, and the foundations of the stabilising and improving economy will be consolidated,” Meng said.

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Considering that the current international environment is still complicated and the Covid-19 prevention situation is still severe, China must make strenuous efforts to promote a continuous economic recovery in the fourth quarter, according to Meng.

The country has invested 739.9 billion yuan (RM447bil) via policy-based and developmental financial instruments since a coordination mechanism promoting effective investment in major projects was established at the end of July.

The government selected a batch of high-quality projects and recommended them to policy banks, which independently chose the projects to invest in, as per market-based principles. Commercial banks are also encouraged to ramp up financing for these projects.

The coordination mechanism will push for expediting the start of the projects backed by such financial instruments, strengthen the role of investment in optimising the supply structure, and promote steady and sound development of the Chinese economy, Meng said.

During the first 10 months, the NDRC approved 97 fixed-asset investment projects worth 1.42 trillion yuan (RM910bil). The projects mainly focus on energy, transportation and water industries. — China Daily/ANN


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