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China will ensure stable economic processes this year, according to the cabinet

FILE PHOTO: View of the city skyline and the Huangpu River in Shanghai
FILE PHOTO: A view of the city skyline and Huangpu River ahead of the annual National People’s Congress (NPC) in Shanghai, China February 24, 2022. Picture taken February 24, 2022. REUTERS/Aly Song/File Photo

March 14, 2022

BEIJING (Reuters) – China will ensure stable economic operations this year, keeping economic growth, employment and prices within reasonable bounds, state media quoted the cabinet as saying on Monday.

China’s economy is facing fresh downward pressure and difficulties and challenges are increasing, the cabinet was quoted as saying after a regular meeting.

China will “strengthen cyclical adjustment and give stabilizing growth a more prominent position, deepen reforms and open up to strive to achieve the goals and tasks for the full year,” the cabinet said.

China is targeting slower economic growth of about 5.5% this year as a real estate slowdown and weak consumption cloud the outlook for the world’s second largest economy.

China will improve the availability of financing for small businesses and reduce overall financing costs, the cabinet said.

China will closely monitor the changes in the international situation and commodity prices and the possible impact on China’s economy and take measures to deal with them, the cabinet said.

The government will accelerate the pace of tax refunds to help businesses, the cabinet added.

China has pledged to provide around 2.5 trillion yuan ($393 billion) in tax cuts and rebates this year.

($1 = 6.3644 Chinese renminbi yuan)

(Reporting by Kevin Yao and Beijing Newsroom; Editing by Toby Chopra)

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DUSTIN JONES

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