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China’s new macro regulation helps economy stay in range

Updated: Dec 16,2015 5:18 PM

China has reached a good economic performance despite pressure thanks to an “upgraded version” of macro regulation exercised by the central government, said Wang Baoan, director of the National Bureau of Statistics.

In an article published on on Dec 16, Wang wrote that with a leading GDP growth rate of 6.9 percent in the first three quarters, China’s economy contributed to about 30 percent of the world economy, indicating that China’s economy remains the anchor of stability and the source of momentum for the world economy.

The achievement was thanks to comprehensive planning and scientific policy-making by the central government, and it is also the result of an “upgraded version” of macro regulation forged by the central government to suit and lead the new normal, he said.

Wang added that, despite complicated situations at home and abroad, China’s economy has, overall, achieved a stable performance while securing progress, making innovations and improving quality at the same time.

In the upgraded macro regulation, Wang explained that the roles of the market and laws are further underscored and consumption vitality is further stimulated. The government is taking into account of regulations of both demand and supply, and paying more attention to targeted regulation. Fiscal policies are reinforced and monetary policies become more flexible.

To cope with the new conditions of economic development, the government has proposed a regulation target of “an appropriate range”, which guarantees that stable growth is maintained, employment is ensured, and inflation is controlled.

With an eye to the past, the government pays more attention to people’s livelihood instead of to GDP, and the roles of ensuring employment and preventing inflation are raised to be equal to maintaining stable growth.

Moreover, the government now sets a target of “an appropriate range” for economic growth rather than a target with a bottom line.