President Xi Jinping said China will put in place “more proactive” macroeconomic policies next year, state media reported, as he addressed a top political advisory body on Tuesday.
The country has struggled this year to climb out of a slump fuelled by a property market crisis, weak consumption and soaring government debt.
Beijing has unveiled a string of aggressive measures in recent months aimed at bolstering growth, including cutting interest rates, cancelling restrictions on home buying and easing the debt burden on local governments.
But economists have warned that more direct fiscal stimulus aimed at shoring up domestic consumption is needed to restore full health in China’s economy.
“We must… further comprehensively deepen reform, expand high-level opening up, better coordinate development and security, (and) implement more proactive and effective macroeconomic policies,” state broadcaster CCTV quoted Xi as telling the National Committee of the Chinese People’s Political Consultative Conference at a New Year’s tea party.
Beijing is aiming for an official national growth target this year of about five per cent, a goal officials have expressed confidence in achieving but which many economists believe it will narrowly miss.
“The new quality productivity develops steadily, and annual GDP is expected to grow by about five pc,” Xi reiterated on Tuesday.
The International Monetary Fund (IMF) expects China’s economy to grow by 4.8pc this year and 4.5pc next year.
