In 2022, China says it will focus on stability

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According to the official Xinhua news agency, China will focus on stabilizing the economy and keeping growth within a normal range in 2022, following a meeting of senior officials on Friday (December 10). According to a statement released following the annual Central Economic Work Conference, held from December 8 to 10, published by Xinhua, China would continue to pursue a careful monetary policy and a proactive fiscal policy.
“Stability should be prioritised in next year’s economic work, and all regions and departments should shoulder the responsibility of stabilising the macro economy,” the statement said, according to Xinhua, adding that China will appropriately advance policies conducive to economic stability next year.
Xinhua quoted the meeting as saying, “We must understand that China’s economic development is confronting the triple pressure of declining demand, supply shock, and weakening expectations.”
Due to a housing collapse and severe Covid-19 controls that have stifled spending, the world’s second-largest economy faces various challenges moving into 2022.
China plans to implement significant tax and fee cuts next year and prioritize infrastructure investment. According to Xinhua, the summit advocated for synchronized fiscal and monetary policies and combined cross-cyclical and counter-cyclical policy adjustments, and the adoption of a domestic demand expansion plan.

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