SCIO briefing on macroeconomic situation and policies

Read in Chinese

Speakers:

Mr. Liu Sushe, vice chairman of the National Development and Reform Commission (NDRC)

Mr. Yuan Da, deputy secretary-general of the NDRC and director general of the Department of National Economy of the NDRC

Mr. Jin Xiandong, director general of the Office of Policy Studies of the NDRC

Chairperson:

Mr. Chen Wenjun, director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

April 17, 2024

Chen Wenjun:

Ladies and gentlemen, good afternoon. Welcome to this press conference held by the State Council Information Office (SCIO). Today, we are very pleased to have invited officials from the National Development and Reform Commission (NDRC) to brief you on the current economic situation, explain related policies and take your questions. Joining us today are Mr. Liu Sushe, vice chairman of the NDRC; Mr. Yuan Da, deputy secretary-general of the NDRC and director general of the Department of National Economy of the NDRC; and Mr. Jin Xiandong, director general of the Office of Policy Studies of the NDRC.

Now, I'll give the floor to Mr. Liu for his introduction.

Liu Sushe:

Thank you, Mr. Chen. Good afternoon. I'm very glad to attend today's press conference held by the SCIO, together with my two colleagues. Yesterday, the National Bureau of Statistics published major indicators showing the national economic performance in the first quarter of this year. Generally speaking, under the strong leadership of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at its core, the whole nation united and strived through collective effort to implement the strenuous tasks of reform, development and maintaining stability despite a serious and complicated international situation. As a result, the economy continued to recover and improve in the first quarter: economic growth was better than expected; the economic structure continued to improve; the quality and performance of the economy strengthened; employment and prices were generally stable; and overall market expectations improved. Social stability was also maintained, and socioeconomic development got off to a good start.

Currently, favorable conditions for economic development continue to multiply. However, we still face many risks and challenges in economic development, because the external environment remains complicated, serious and largely uncertain, effective domestic demand is insufficient due to weak expectations, and the foundations for continued economic improvement need to be further consolidated. The NDRC will implement the arrangements of the Central Economic Work Conference and the tasks specified in the government work report, and adhere to the general principle of seeking progress while maintaining stability, promoting stability through progress and establishing the new before abolishing the old. It has intensified efforts on macro regulation, and advanced recently launched initiatives such as large-scale equipment upgrades and replacing old consumer goods with new ones, and intensified efforts to attract and utilize foreign investment. We will step up efforts to promote the issuance of special ultra-long treasury bonds among other measures. We will take steps to further the work in important areas to develop the modern industrial system, expand domestic demand, comprehensively deepen reform and expand high-standard opening-up, promote coordinated urban-rural development, promote green and low-carbon development, ensure basic living standards, improve people's livelihoods, and properly prevent and defuse risks in certain areas. We will actively foster and develop new quality productive forces, enhance guidance over expectations, invigorate market confidence, and do our best to cement and further boost the economic recovery and improvement, so as to accomplish all of the socioeconomic development goals and tasks for the year to a high standard.

That is all from me for now. Next, my two colleagues and I are happy to answer your questions. Thank you.