BEIJING: China is implementing a number of strategies to maintain its recovery trend in the second half (H2) of this year as COVID-19 outbreaks are on the decline and pro-growth policies are coming into play.
Since March, COVID-19 resurgences and international geopolitical disputes have put a pressure on the economy. The nation's policymakers have made a number of supportive actions, ranging from supporting market entities to boosting domestic demand, to help it navigate the trough.
The latest stats showed that key indicators have increased as a result of the initiatives. For instance, China's manufacturing sector's purchasing managers' index, which gauges factory activity in the nation, registered 50.2 in June, returning to the expansion zone.
Premier Li Keqiang stated this week at a symposium that China's economic operation has had an unusual voyage since the beginning of this year. He said, a number of economy-stabilizing policies have been put in place, and as a result, the economy is generally experiencing a gruelling recovery. The prime minister also emphasised that the recovery's basis is still precarious and urged additional effort to keep the economy steady.
The 160 million market entities in China are where China's economic resilience originates from and are crucial to the nation's employment and overall economic operation, Li said in outlining the priorities for the mid-year economic activity. He urged greater actions to revive market actors, especially micro, small, and medium-sized businesses and independent individuals.
Toward this end, the State Council, or China's cabinet, has began inspecting government activities pertaining to market entities and employment in 12 province-level regions. According to inspection reports, the majority of these regions have introduced supporting policies that have successfully increased market confidence.
China's June factory inflation falls
