BEIJING (Reuters) – China’s state planner will step up efforts to attract foreign investment and improve consumption among low and mid-level income groups, a National Development and Reform Commission spokesperson said on Thursday.
The world’s second-largest economy has struggled to mount a strong recovery after COVID as distress in the housing market, local government debt risks, slow global growth and geopolitical tensions have dented consumer and investor confidence.
“More vigorous (foreign) investment policies will be introduced,” Li Chao said, when asked how the powerful government body planned to attract more much-needed fresh capital, adding that: “we will continue to expand domestic demand.”
A flurry of policy support measures since June have proven only modestly beneficial, raising pressure on the authorities to roll out more stimulus.
“We will accelerate the implementation of projects enabling the issue of an additional 1 trillion yuan of government bonds,” Li said, while stressing the importance of coordinating macro-economic policies between this year and next to ensure the economy got off to a good start in 2024.
The state planner also said it approved 130 fixed-asset investment projects worth a total 1.08 trillion yuan ($148.8 billion) during the January to October period, four of which were approved last month and were worth 5.6 billion yuan.
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