China's economic performance in November and December is expected to sustain the upward trend observed since October with the implementation of a series of incremental policies, said National Development and Reform Commission (NDRC), China's top economic planner, on Tuesday.
Since October, China's economic performance has shown many positive signs. In October, the nationwide transaction volume of newly built commercial housing and second-hand housing increased by 3.9 percent year-on-year, marking the first positive growth after eight consecutive months of decline.
Moreover, the average daily trading volume in the Shanghai and Shenzhen stock markets reached 1.98 trillion yuan (about 273 billion U.S. dollars), a month-on-month increase of nearly 150 percent. These data have indicated that market confidence has been boosted, and the expectations of business entities have improved. "With the sustained effectiveness of the existing policies, the effective implementation of new policies, and the cumulative impact of combined policy measures, economic performance in November and December is expected to continue the upward trend observed since October," said Li Chao, spokeswoman of the National Development and Reform Commission.
Looking ahead to 2025, China still possesses numerous favorable conditions and supporting factors for economic development.
From a market perspective, China's advantage of having a super-sized market is evident, with vast potential demand yet to be unleashed.
"Next year marks the final year of the 14th Five-Year Plan (2021–2025). A series of major strategic tasks, significant reform measures, and key engineering projects are being fully implemented and gaining progress. At the same time, we have ample policy space and a wealth of policy reserves. Tools for precise regulation and counter-cyclical adjustments are continually being refined, while the consistency of macroeconomic policy orientation is steadily improving. The systematic integration and targeted efforts of macro policies will strongly support the steady and healthy development of the economy," said Li.
China's economy expected to maintain upward momentum in November, December: economic planner
Scholars and experts have hailed Chinese President Xi Jinping's speech at the 31st APEC Economic Leaders' Meeting for outlining a vision of a more integrated and prosperous Asia-Pacific region.
They believe Xi's speech articulated a clear vision for China's role in building an Asia-Pacific community with a shared future, signaling a new era of regional development and cooperation.
Xi emphasized APEC's pivotal role in driving the Asia-Pacific region's remarkable economic growth and prosperity, making it the world's most dynamic economic region, during his speech titled "Shouldering Responsibility to Our Times And Jointly Promoting Asia-Pacific Development," delivered in Peru's capital Lima on Saturday.
The Chinese president called for efforts to uphold a universally beneficial and inclusive vision for Asia-Pacific development, make good use of the APEC platform to strengthen economic and technical cooperation, increase support for developing economies and disadvantaged groups, and work together to grow the pie and distribute it equitably to allow more economies and people to benefit from development.
Xi also advocated for an open and interconnected Asia-Pacific, emphasizing the critical role of the Free Trade Area of the Asia-Pacific (FTAAP) in unlocking the region's full economic potential and securing its long-term prosperity
The message conveyed by Xi has been echoed by many as it inspires hope for a brighter future for Asia-Pacific cooperation.
"'The only way to be profitably national is to be generously universal.' President Xi quoted this proverb to express a profound idea. He connected China's interests with those of other countries, emphasizing China's advocacy for win-win cooperation across various fields," said Oscar Vidarte, professor of international relations at the Pontifical Catholic University of Peru.
"In my opinion, the most significant (in Xi's speech) are the ideas of promoting economic globalization and creating a free trade zone in the region. This will be of great interest to many countries in the region," said Vasily Kashin, director of the Center for Comprehensive European and International Studies at Russia's National Research University-Higher School of Economics.
"I think Xi Jinping's presentations to the APEC conference are exactly what's needed these days. He's got his hand on the policy, knows all of these issues, and all of these things, deeply understands them, and has a good dialogue with most of the people, pretty much all of the people attending. Xi Jinping's presentation was very good. It was accurate, it reflected China's policy. It reflected a collaborative aspiration for the world, and that's what we want," said Mike Dawson, president of the Auckland branch of the New Zealand China Friendship Society.
Meanwhile, several major international news organizations have published articles covering Xi's speech.
President Xi emphasized China's focus on promoting mutual benefit and win-win outcomes in the Asia-Pacific region, expressing the desire to "create a new hallmark of a green and digital Asia-Pacific" and to "usher in the next 'golden thirty years' of Asia-Pacific development," wrote EFE News.
Noting that the world is entering a new period of turbulence and transformation, President Xi expressed concern and voiced opposition to the spread of unilateralism and protectionism, as well as increasing economic fragmentation. He called for maintaining the stability and smooth operation of global industrial and supply chains, according to an article by the AFP.
Reuters reported that President Xi outlined a series of measures by the Chinese government to further expand openness, and emphasized that China will take proactive steps to open its door even wider to the world.
Xi's APEC speech hailed for expanded cooperation, shared prosperity
