China

China aims for steady economic growth in 2022

The central government on Friday promised tax cuts and support for entrepreneurs to shore up slumping economic growth.

China will continue implementing proactive fiscal policies and prudent monetary policies so as to pursue steady progress in the economic development of next year, according to a statement released after the annual Central Economic Work Conference held in Beijing from Wednesday to Friday.

“Our country’s economic development is facing the triple pressure of demand shrinking, supply shocks and weakening expectations,” the statement said.

In a speech at the conference, President Xi Jinping reviewed the country's economic work in 2021, analysed the current economic situation and arranged next year's economic work.

The country will promote both the economic development and the well-being of its people, and efforts will be made to boost the employment of young people.

“Policymakers are clearly concerned about the economy,” Larry Hu and Xinyu Ji of Macquarie said in a report this week. “Priority is shifting from regulatory tightening to supporting economic growth.” (Xinhua & AP)

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