CHINA’S economy is expected to see more favorable conditions and more opportunities than challenges in 2024, domestic media said, citing officials of the Chinese Communist Party’s finance and economy office.

Macroeconomic policies will continue to provide support for economic recovery, Xinhua said in a detailed readout of the annual Central Economic Work Conference held from Dec. 11-12, during which top leaders set economic targets for the following year.

“China’s prices are low, central government debt levels are not high, and conditions are in place to strengthen implementation of monetary and fiscal policies,” Xinhua said, quoting the office of the Office of the Central Committee for Financial and Economic Affairs late Sunday.

Xinhua quoted an unnamed official at the committee as saying yesterday in an English article that China’s economic development still has enormous opportunities despite sluggish global growth and insufficient domestic demand.

China is home to a super-large market with the biggest potential. As social expectation gradually improves, high savings will help boost consumption and investment, the official said.

Next year, China will look to shift from a post-pandemic recovery to sustained consumption growth, Xinhua quoted the Party officials as saying Sunday.

The International Monetary Fund last month revised upward its growth forecast for China to 5.4% this year, attributing the revision to a strong post-COVID recovery. The government has set a target of around 5%.

The world’s second-largest economy will also cultivate new consumption growth areas such as smart homes, recreation and tourism and sports events.

The effects of this year’s treasury bond issuance, cuts in interest rates, tax and fee cuts and other policies will continue into next year, the Xinhua report said yesterday.

“As the government rolls out more policies next year, the synergy effect of existing and new policies will work together to propel economic recovery,” the official said.

China would also continue to monitor its real estate market and meet the reasonable financing needs of real estate firms.

“With the concerted efforts of all parties, the policy objectives of real estate risk prevention and market stabilization can be fully achieved,” the Xinhua report said. (SD-Agencies)