A SENIOR government official has voiced optimism over China’s annual economic goals based on an in-depth review of the economic performances in the first three quarters of 2023 and the pro-growth measures that have continued to inject vitality into the economy in the fourth quarter.

“We are confident, well-positioned and capable of overcoming various risks and challenges, promoting a sustained and stable economic recovery in the fourth quarter, and realizing the expected economic and social development goals and tasks throughout the year with high quality,” said Zheng Shanjie, head of the National Development and Reform Commission (NDRC), the country’s top economic planner.

Zheng said that during the first three quarters, agricultural production was in good progress with another bumper harvest expected this year, value-added industrial output increased 4% year on year, transport, accommodation and catering sectors rebounded significantly, and manufacturing investment grew 6.2% while infrastructure investment maintained rapid growth.

During the same period, the decline in exports had narrowed month by month in July, August and September, a total of 10.22 million new jobs were created in urban areas across the country, an increase of 210,000 year on year, while per capita disposable income rose 5.9%, he added.

In the first three quarters of 2023, the Chinese economy expanded 5.2% and the country has set an annual growth target of 5% for the whole year.

While introducing the government’s work priorities in the next step, Zheng said in the next few months, various policies and measures will continue to take effect as business entities are mustering strength.

In terms of the implementation of macro-control policies, tax and fee reduction measures will be concretely implemented while the issuance and use of special-purpose local government bonds will be accelerated. Financing support for the manufacturing sector’s transformation and upgrading, small and micro-sized enterprises, as well as private enterprises, will be increased, Zheng said.

Following the third Belt and Road Forum for International Cooperation held last month in Beijing, Zheng noted that a number of pragmatic measures will be introduced to strengthen open cooperation.

The government will also accelerate the cultivation and expansion of strategic emerging industries, boost new momentum for the innovative development of the digital economy, and accelerate the transformation and upgrading of traditional industries, he said. (Xinhua)