Chinese government officials briefed the media on Tuesday on plans to further boost the economy as part of new stimulus measures that have helped the stock market reach all-time highs.
Officials expressed confidence in achieving the 2024 growth target, with market sentiment having improved recently. China achieved 5% growth in the first half, boosting expectations for the full year. Growth forecasts for the third quarter are between 4.6 and 4.8 percent.
In investment, ultra-long special government bonds will be issued next year to support important projects, with some plans worth 200 billion yuan to be released this year. Local governments are urged to speed up the construction of projects financed by these bonds.
The promotion of home consumption is intensifying through major appliance upgrades and programmes to replace old appliances with new ones. The measures have led to a significant increase in sales of cars and appliances.
The government also plans to regulate the actions of administrative authorities towards businesses to prevent illegal practices such as excessive fines and excessive controls. These changes aim to create a more business-friendly environment in China.
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