China's National Development and Reform Commission (NDRC) chairman Zheng Shanjie indicated that counter-cyclical adjustments will be intensified in the fourth quarter, and consistency assessment of macroeconomic policy orientation will be strengthened.
At the symposium with private-sector executives on October 10, Zheng mentioned that the nation will also strengthen existing and incremental policies and strive to reach full-year targets, raising full-year economic growth this year from 4.5 percent to 5 percent.
Zheng said that driven by emerging momentum and structural improvement, China’s economy in the first three quarters advanced under pressure with strong resilience and vitality.
He noted that, given the mix of external shocks that continue to impact the economy and the domestic transition between old and new growth drivers, private enterprises should seize long-term growth opportunities amid shifts in international supply and demand and China’s solid economic fundamentals.
Zheng further noted that the NDRC will promote the 15th-Five-Year Plan and the “six networks” infrastructure strategy that includes water network, new-type power grid, computing power network, next-generation communication network, urban underground pipeline network, and logistics network.
Combining these two major strategies and other major infrastructure projects can stimulate and unleash the potential of domestic demand, promote the integration of scientific and technological innovation with industrial innovation, further enhance the resilience of industrial and supply chains, improve the level of energy and resource security, and consolidate national food security, Zheng said.
Executives from companies in the petrochemical, natural gas supply, agricultural machinery, and artificial intelligence applications sectors attended the symposium, including representatives from Shenghong Holding, Shandong Dongming Petrochemical Group, ENN Energy (2688), Gifore Agricultural Machinery Chain, and XtalPi.
