Statement from an official of the National Development and Reform Commission of the People's Republic of China (NDRC),m the 'state planner':
- approved 91 fixed-asset investment projects worth total of CNY 700bn in H1
- persistent economic recovery faces risks and challenges, including insufficient demand, sluggish momentum and weak confidence e
- Purchasing power and expectations of consumption still weak, infrastructure and consumption environment should be improved
- Will stabilise jobs, in particular, improve youth employment, and boost income
- There is space for further improvement in the infrastructure and consumption environment
- China will draft policies to stimulate consumption and make great efforts to stabilize major purchases such as automobiles and electronics
- China has the confidence, conditions and capability to reach the GDP growth target of around 5% for 2023, thanks to the manifestation of macroeconomic policies, the continuous improvement of the economic structure and new growth drivers
