BEIJING, 17th December, 2024 (WAM) -- China’s economy is projected to grow around 5 percent in 2024, contributing to nearly 30 percent of global growth, said Han Wenxiu, Executive Deputy Director of the Office of the Central Committee for Financial and Economic Affairs.
Han made the remarks at an annual economic conference held by the China Centre for International Economic Exchanges.
Global Times quoted the official as saying that China’s economy has achieved remarkable progress this year, and is on track to meet its main economic and social development goals.
Han noted that the employment, prices, and international balance of payments remained stable, with foreign exchange reserves staying above $3.2 trillion.
He said that China will implement more proactive and effective macroeconomic policies in 2025, which means adopting a more proactive fiscal policy and a moderately loose monetary policy.
Han said risks in key areas have been effectively managed, with the real estate market showing positive changes. Transaction volumes and prices have shown positive signs since October. Risks associated with local government debt and small and medium-sized financial institutions have also been effectively alleviated, mitigated, and managed.