In the face of increasing global uncertainties, China prepares to roll out more measures to strengthen growth momentum in the rest of the year, aiming to keep employment stable and deliver the development targets for 2025.At a press conference held on Monday, several senior officials elaborated on the policies in the pipeline, ranging from further unleashing consumption potential to consolidating the recovery of the real estate sector.Zhao Chenxin, deputy head of the National Development and Reform Commission, detailed the new measures in five key areas: supporting employment, keeping foreign trade stable, promoting consumption, expanding effective investment, and fostering a sound environment for development.The government will encourage businesses to maintain stable staffing levels and introduce tailored policies to assist export enterprises in mitigating risks.
Measures will be unveiled to boost service consumption, stimulate auto sales, galvanize private investment, establish new policy-based financial instruments, keep the capital markets stable and active, and consolidate the stable development of the real estate market, according to Zhao.All policies have been designed with a strong emphasis on specificity and practicality so that enterprises and individuals feel tangible benefits, Zhao said, adding that the government will introduce each measure once it is ready.Also speaking at the press conference, Zou Lan, deputy governor of the People's Bank of China, vowed to implement timely cuts in reserve requirement ratios and interest rates.
The deputy governor also vowed to create new structural monetary policy instruments, ensuring ample liquidity to foster job stability and economic resilience.The central bank is studying ways to expand its policy toolkit, with plans to roll out incremental measures to consolidate the foundations of economic development and social stability, Zou said.The remarks of the senior officials came amid the country's ongoing efforts to navigate complex global economic challenges while maintaining a resilient growth trajectory.With an encouraging 5.4-percent GDP increase in the first quarter, China's policymakers recognized the sound trend at a high-level meeting last Friday, while cautioning that the economic recovery needs to be further consolidated to fend off increasing impact from external shocks.The meeting of the Political Bureau of the Communist Party of China Central Committee called for preparing for worst-case scenarios with sufficient planning, and dealing with the uncertainty of drastic changes in the external environment with the certainty of the country's high-quality development.When answering a media question about "reciprocal tariffs" imposed by the United States, Zhao called the protectionist measures a typical act of unilateral bullying, which severely defies historical trends and economic laws, and is doomed to fail."China will stand together with the vast majority of countries in the world on the right side of history and on the side of human progress," he said.Zhao also said that China is able to ensure its grain and energy security even if it stops purchasing commodities from the United States.The officials at the press conference expressed confidence in the country's ability to handle external challenges and maintain steady economic performance.With ample policy reserves and sufficient policy room, China is fully confident in achieving this year's economic and social development goals and tasks, said Zhao.The country has targeted its full-year economic growth at around 5 percent this year, the same as in 2024.Zhao said the government will intensify efforts to ensure the full effect of existing policies, including special campaigns to boost consumption and effectively utilize the 5-trillion-yuan (about $694 billion) investment funds at the national level.Moreover, incremental reserve policies will be rolled out in a timely manner in response to changing conditions, Zhao said, adding that the country will stay focused on managing its own affairs well no matter how the international situation evolves.