China State Planner Says Exploring More Actions To Boost Growth

(RTTNews) - The Chinese government is planning more steps to support economic growth and is confident of achieving its full year economic target, the country's top state planner said Tuesday, and announced more funding initiatives for projects, but defied expectations by not unveiling any major stimulus.

Zheng Shanjie, head of the National Development and Reform Commission (NDRC), said in a press conference that the fundamentals of the Chinese economic development have not changed, Xinhua reported.

His remarks came after the mainland China resumed work after the week-long National Day holiday.

In September, authorities unveiled a massive stimulus package to underpin the economy reeling under the pressures of deflation and the property market crisis.

The stimulus package included measures such as a reduction to the People's Bank of China's reserve requirement ratio for banks, steps to support the property markets, and efforts to underpin the capital market. Zheng said the pro-growth package was designed to strengthen counter-cyclical macro policy adjustment, boost domestic demand, to provide support to businesses and, to stabilize the real estate market and boost the capital market, Xinhua reported. The top official observed that China's long-term economic prospects remain unchanged, and the Chinese economy has strong resilience and ample potential to expand, the Global Times reported.

The government is planning to unveil more investment projects, including 100 billion yuan or $14.2 billion from next year's central government budget, the Chinese media reports said, citing state officials at the press conference.

Another 100 billion yuan is to be allocated for key investment projects by the end of this year, they said.

Zheng said an additional 1 trillion yuan of ultra-long special treasury bonds has been fully allocated to the projects and local governments and the government will continue issuing ultra-long special treasury bonds in 2025.