NDRC Predicts Continued Economic Recovery for China in November and December
China's economy is projected to continue its recovery into late 2024, bolstered by effective policies and increasing business confidence. During a press conference on Tuesday, the NDRC emphasized the strong growth potential and favorable conditions for 2025.
TroibNews 
China's economy is set to continue its recovery in November and December, bolstered by the effectiveness of the country's policy toolkit, as stated by the National Development and Reform Commission on Tuesday.
According to Li Chao, spokesperson for the NDRC, which is China's leading economic planner, the commission is collaborating with various parties to reach the full-year growth target.
Economic indicators reveal an uptick in market confidence and expectations among businesses since September, with an increase in their willingness to invest and produce, Li noted.
Data from the National Bureau of Statistics indicates that despite facing domestic and international challenges, China's GDP expanded by 4.8 percent year-on-year in the first three quarters of 2024. The target for this year's economic growth is approximately 5 percent.
Looking ahead to 2025, Li remarked that China's economy will continue to benefit from significant favorable conditions and supportive factors, with substantial market potential yet to be realized.
One area of opportunity is the overall urbanization rate, which has considerable potential for improvement that will enhance consumer demand. Additionally, emerging business models in green and digital sectors, along with eldercare and childcare services, are expected to foster strong demand, Li added.
With adequate policy flexibility, China has progressively improved its policy toolkit, which includes targeted regulations and counter-cyclical adjustments, while also enhancing the consistency of its macroeconomic policies. These initiatives are set to effectively support the steady and healthy development of the economy, according to the spokesperson.
"The underlying trend of economic recovery and long-term growth remains unchanged, and we have full confidence in this," Li stated.
Jessica Kline for TROIB News
According to Li Chao, spokesperson for the NDRC, which is China's leading economic planner, the commission is collaborating with various parties to reach the full-year growth target.
Economic indicators reveal an uptick in market confidence and expectations among businesses since September, with an increase in their willingness to invest and produce, Li noted.
Data from the National Bureau of Statistics indicates that despite facing domestic and international challenges, China's GDP expanded by 4.8 percent year-on-year in the first three quarters of 2024. The target for this year's economic growth is approximately 5 percent.
Looking ahead to 2025, Li remarked that China's economy will continue to benefit from significant favorable conditions and supportive factors, with substantial market potential yet to be realized.
One area of opportunity is the overall urbanization rate, which has considerable potential for improvement that will enhance consumer demand. Additionally, emerging business models in green and digital sectors, along with eldercare and childcare services, are expected to foster strong demand, Li added.
With adequate policy flexibility, China has progressively improved its policy toolkit, which includes targeted regulations and counter-cyclical adjustments, while also enhancing the consistency of its macroeconomic policies. These initiatives are set to effectively support the steady and healthy development of the economy, according to the spokesperson.
"The underlying trend of economic recovery and long-term growth remains unchanged, and we have full confidence in this," Li stated.
Jessica Kline for TROIB News
