China’s new measures to boost economy attract int’l attention

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Beijing, Sept. 2, 2022 (Xinhua/NAN) The Chinese government’s recent proposal of follow-up policies to boost the economy has attracted worldwide attention with foreign media, experts and businesses expecting continuous growth in China.

The State Council of China on Aug. 24, announced 19 follow-up policies to shape greater synergy among the policies already in place.

It issued a package of 33 measures in May, covering fiscal, financial, industrial and other fields.

Amid the infrastructure drive, the State Council pledged an addition of over 300 billion yuan (43.77 billion dollars) in quotas for the policy-based and developmental financial instruments, based on 300 billion yuan of such quotas already in place.

Speaking on the new measures, the Wall Street Journal listed some measures under a combined impact of historic heat and drought in China.

According to the journal, the policies show how closely the central government is monitoring the matter in an article titled “China Rolls Out Aid to Help Power Firms and Save Rice Harvest.

Referring to China’s future growth, Anjani Trivedi, a Bloomberg Opinion columnist, said in her report that “industrial China was alive and well despite concerns of an economic slowdown.”

Though some analysts lowered their projection for China’s growth this year, “Beijing’s priority areas are doing just fine,” Trivedi wrote in the op-ed titled “Don’t Believe the Grim Forecast. China Is Just Fine”.

Trivedi added that Foreign Direct Investment into China’s high-tech manufacturing increased 3.1 per cent in the first half of this year.

In an interview with the Forbes Magazine, Nobel laureate Michael Spence said China was still doing many things right and had continued to invest in things that have the potential to produce a modern economy.

He said in spite of that, there were pretty headwinds in the short term for the Chinese economy; the medium- to long-term prospects in China were pretty good.

Tan Yam, an economic professor at Singapore’s Nanyang Technological University, told Xinhua that the perspective of China’s economy was quite optimistic in the long run despite a slowdown in the short term.

“As a major growth locomotive for the East Asian countries, China’s economic growth is very important to these countries and its economic rebound will contribute to the region’s recovery,’’ Tan said.

A number of executives from international financial institutions also expressed confidence in China’s economy, despite global inflationary pressure and a sluggish economic recovery.

“As a foreigner working in China, I think China’s economic development is full of resilience, strong momentum and optimistic prospects,” said Ono Tomoyuki, Vice President of Ueda Yagi Money Broking (China) Co., Ltd. (Xinhua/NAN)