According to Li Hui, an official with the National Development and Reform Commission (NDRC), China will stabilise foreign trade, develop investment, enhance its real economy, and increase consumption by carrying out a number of significant reforms and initiatives, as reported
Xinhua News Agency, a partner of TV BRICS.

Li mentioned favourable conditions for the next three quarters, including prospects for industrial upgrading driven by the emergence of new, high-quality productive forces and further deepening of reform and opening up, during a roundtable discussion on China’s economic performance in the first quarter.

Li added that plans and actions will be taken to address risks and difficulties both locally and globally.

By 2024, China wants to have grown its economy by roughly 5 per cent, a goal experts and government agree is doable given the nation’s sound macroeconomic foundation and supportive laws.

The second-biggest economy in the world still faces difficulties, though. Liu Sushe, deputy head of the NDRC, voiced optimism regarding the increasing positive aspects of the Chinese economy’s continuous development. Liu did, however, acknowledge that the complicated, challenging, and unpredictable external environment posed significant problems.

Experts predict that consumer products exchanges and equipment upgrades will pick up speed, and high-level technology self-sufficiency will rise.

According to recent projections from Goldman Sachs and Citigroup, China’s economy is expected to begin 2024 on a good note. They have increased their estimates for China’s GDP growth for the entire year 2024 and believe that the country will meet its GDP growth objective of about 5 per cent. The second-biggest economy in the world still faces difficulties, though.

Liu Sushe also voiced optimism regarding the increasing positive aspects of the Chinese economy’s continuous development. Liu did, however, acknowledge that the complicated, challenging, and unpredictable external environment posed significant problems.

Liu stated that the economy still faces risks and challenges despite the continuous growth of positive factors, domestic effective demand is insufficient and social expectations are weak. The NDRC is prepared to face these obstacles head-on. The second quarter will concentrate on three crucial areas, including steps to better attract and use foreign investment, according to Yuan Da, deputy secretary-general of the commission.

Experts believe that consumer products exchanges and equipment upgrades will pick up speed, and high-level technology self-sufficiency will rise.

The Chinese government is promoting extensive equipment improvements and a consumer goods trade-in scheme as supportive policies.

Yu added that the Chinese government has been more vocal in its calls for improving the business climate and encouraging transparency.

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