According to the statements of the Chinese authorities, in the first quarter of 2019, the country will make every effort to successfully achieve a good start for the economy. The authorities also announced the introduction of new stimulus measures to address the slowdown in GDP growth.
The country plans to strengthen monitoring of its economic situation and provide all measures to improve the economic policy, the National Development and Reform Commission (NDRC) of China said in the report.
Last year, the Chinese economic expansion slowed against the background of complex and long-term structural reforms which were aimed at a transition to a gradual and more sustainable growth of the country's economy.
The increased uncertainty around the short-term prospects of the Chinese economy was caused by the prolonged trade conflict with the United States. Premier of the State Council Li Keqiang noted that in 2018, the country had achieved its key economic targets, and the major challenge today was to ensure a good start for the economy in the first quarter of 2019 to establish conditions favorable for completing the full-year development targets.
This year, the Chinese authorities intend to increase budget expenditures and significantly reduce taxes and fees. Last week, Beijing was planning to lower its target GDP growth rate to 6-6.5 percent in 2019. Experts emphasize that the current growth rate is the slowest pace in the last 28 years. The National Development and Reform Commission of China notes that a top priority for the Government is to stabilize employment.
According to the Central Bank of China, the regulator is going to gradually adjust the monetary policy, resulting in more advanced, flexible, and targeted one.
