China to take concrete actions to meet international community's optimism

As the package of polices take effect in a coordinated way, China's economic dynamism will continue to be unleashed. We will continue to meet the international community's optimism and businesses' investment enthusiasm in China with concrete actions, said Lin Jian, a spokesperson of China's Foreign Ministry, on Wednesday.

Recently, the Chinese government has rolled out a package of incremental policies to encourage and expand domestic demand and boost investment and consumption. These policies have drawn widespread attention from the international community, Lin said.

Singapore's Senior Minister Lee Hsien Loong noted that the measures issued by the Chinese government are conducive to lifting confidence and demand. Michael Schumann, Chairman of the Board of the German Federal Association for Economic Development and Foreign Trade said that the batch of incremental policies plays a crucial role in boosting market confidence.

Since the beginning of this year, China's economy has been on a generally steady, sound and upward trajectory, showing both dynamism and resilience. In the first three quarters of this year, China's trade volume with over 160 countries and regions increased, total import and export hit a record high, and China was leading major economies in the world in terms of GDP growth.

These speak volume about the booming Chinese economy, and prove once again that the overall trend of China's steady growth in the long run has not changed, Lin said.

The package of incremental policies rolled out by multiple Chinese authorities recently further unlocks growth potential, spurs consumption and investment, and boosts the world's confidence in China's development. International financial institutions, including Goldman Sachs, J.P. Morgan, the Swiss National Bank, have raised their forecast for China's economic growth this year, Lin noted.

For example, the People's Bank of China, the central bank, announced a cut in the reserve requirement ratio by 0.5 percentage points, a mortgage rate reduction for existing homes and the introduction of new monetary programs to boost the capital market.

In a recent survey of over 100 Swiss businesses, the decision-makers of these firms largely maintain a high level of confidence in successfully doing business in China, and around 50 percent of respondents consider China to be among their top three global investment priorities, according to Lin.

The positive momentum of China's steady growth provides stability for global economic recovery. As China promotes high-quality development and high-standard opening-up, its interactions with the world become more robust, the spokesperson said.

"We will continue to meet the international community's optimism and businesses' investment enthusiasm in China with concrete actions, and provide fresh impetus and opportunities for global economic growth," Lin noted.