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The country will implement a more proactive fiscal policy and an appropriately loose monetary policy "in a thorough and detailed manner to fully unleash the effects of the policies", Zheng said. (Photo: Shutterstock)
China will make full use of its fiscal and monetary policies and improve its policy toolkit to help achieve its annual economic targets, as the economy faces rising complexity and uncertainties, the head of the state planner said on Wednesday.
China will ratchet up efforts to stabilise employment, enterprises, markets, and expectations, Zheng Shanjie, chairman of the National Development and Reform Commission, said in a report to lawmakers, according to state-run news agency Xinhua.
"We should also coordinate efforts to facilitate a reasonable rebound in price levels, maintain overall stability in employment and economic growth, keep the fundamentals of the economy stable, and strive to achieve the annual economic and social development goals and tasks," Zheng said.
"At present, China's economy is operating overall in a stable manner, but it should also be noted that the impact of external shocks and the intertwining of internal risks and challenges are deepening, and the complexity, severity, and uncertainty of our development environment are increasing." The government is aiming for economic growth of around 5% this year.
China will manage capacity in key sectors to better coordinate the economy and external "economic and trade struggles", Zheng said.The country will implement a more proactive fiscal policy and an appropriately loose monetary policy "in a thorough and detailed manner to fully unleash the effects of the policies", Zheng said.
He also pledged to carry out regular policy research and preparation, and to continuously improve the policy toolbox.
China should fast-track the rollout of new policy-based financial instruments in the second half of the year, Zheng added.
