Liu Sushe Unveils 100 Billion Yuan Stimulus Investments for Economic Growth in Beijing, China
Wednesday, 9 October 2024, 11:00
Unveiling 100 Billion Yuan Stimulus Investments
The recent press conference led by Liu Sushe, chairman of China's National Development and Reform Commission (NDRC), disclosed groundbreaking initiatives involving a total of 100 billion yuan (US$14.2 billion) investments for economic growth
Key Details from the Press Conference
- Zheng Shanjie announced the allocation of funds from the central fiscal budget to be issued by the end of this month.
- The NDRC aims to stimulate the real estate sector and projects will be screened rigorously.
- Investment in infrastructure from the government budget could lead to an additional 330 billion yuan (US$46.7 billion) nationwide.
Expected Economic Impact
- With these investments, China's GDP could rise by 1 percentage point to 5.5% in Q4.
- The full-year GDP growth rate is projected to meet the government's target of around 5%.
- Active government spending aims to boost overall economic consumption.
Despite the promising announcements, China's economy faces significant challenges due to a sluggish real estate market impacting domestic consumption.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.