Peek at How China Revives the Economy Post-Pandemic

"Peek into How China Revives Its Economy Post-Pandemic"

Peek at How China Revives the Economy Post-Pandemic

China is currently focusing on efforts to increase domestic demand in order to promote economic recovery. The recently published 14th Five-Year Plan by the Chinese parliament highlights this.

"(China) will prioritize recovery and expansion of consumption, stabilize mass consumption, and promote service consumption."

"Zheng Shanjie, head of China's economic planning body, quoted from Channel News Asia."

"Steps for Post-Pandemic Economic Recovery."

"China has taken a series of steps to support the slow recovery of the economy in the past few months, in order to face the decline in the property sector, the risks of local government debt, and the slowing global growth. China also aims to enhance the development of high technology as a response to the technology export restrictions imposed by several countries."

China is confident that it can achieve an economic growth target of 5 percent by 2024.

According to Wang Yiming, policy advisor of the People's Bank of China, it is certain that China is capable of achieving an economic growth of up to 5 percent by 2024.

This can happen if investment increases by around 4-5 percent, consumption increases by 6-7 percent, and the export sector experiences growth again. Wang Yiming highlights that China can expand its economic support due to its relatively low central government debt and consumer prices that are also relatively low.

"In November 2023, China recorded its fastest growth in three years. Wang conveyed that China could lower interest rates due to the possibility that the Federal Reserve has halted its interest rate hikes. At the Central Economic Work Conference on December 11-12, Chinese officials expressed their intention to adjust policies to support economic recovery in 2024."

With Successful Macroeconomic Policies, China's Economy Will Recover in 2024.

A Chinese official stated that in 2024, the country's economy is projected to recover and offer more opportunities than challenges. At the annual Central Economic Work Conference held on December 11-12, the official emphasized that macroeconomic policies will continue to support China's economic recovery.

"The price (commodity) in China is starting to be low, the level of central government debt is no longer high, and there are conditions to strengthen the implementation of monetary and fiscal policies."

Chinese officials in a Xinhua report, citing the Office of the Central Commission for Financial and Economic Affairs.

The International Monetary Fund (IMF) has revised China's economic growth to 5.4 percent in 2023, attributing it to China's strong economic recovery after the COVID-19 pandemic. China is targeting a growth of around 5 percent and will develop new consumption sectors such as smart homes, recreation, tourism, and sports.

The following is the translation of the given 'Bahasa' text to 'English' while preserving any html tags: "Policy measures such as bond issuance, interest rate cuts, tax cuts, and other policies from this year will continue into next year. The country will also monitor the real estate market, which is currently facing a crisis, and provide reasonable financial support to property companies."

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