Further measures set to stabilize growth, employment: NBS official

A senior official from the National Bureau of Statistics (NBS) said on Thursday that policies aiming to stabilize economic growth would be strengthened while China unswervingly adheres to the dynamic zero-COVID policy.

Sheng Laiyun, deputy director of the NBS, said that utilizing effective investment will be a key factor for enhancing the stabilization policies, adding that expanding infrastructure investment is the most effective and quick way to tackle short-term economic difficulties based on historical experience.

However, Sheng said that China’s infrastructure stock per capita is only equivalent to 20 to 30 percent of that of developed countries, while the railway business mileage per capita is only 30 percent of the US, which means there is still considerable room for infrastructure investment.

Sheng further noted that the number of 5G cellphone users in China only accounts for about 20 percent of the total number of cellphone users, while the consumption of natural gas and other clean energy resources only accounts for about 25 percent of the country’s total energy consumption. Therefore, measures to boost consumption and investment in new infrastructure also have great potential.

Meanwhile, a slew of supportive policies such as tax reductions for small, medium-sized and micro enterprises and individual entrepreneurs will help to ensure stability.

Sheng emphasized the importance of stabilizing employment and implementing relevant policies to reduce the impact of the COVID-19 epidemic on the nation’s job market, while also ensuring stable supply and prices, especially for key sectors such as food and energy.

Source: Global Times