Beijing (TDI): President Xi Jinping said China will adopt more proactive macroeconomic policies next year, state media reported, as he addressed a top political advisory body on Tuesday.
China must further comprehensively deepen reform, expand high-level opening up, better coordinate development and security, implement more proactive and effective macroeconomic policies, Xi told the National Committee of the Chinese People’s Political Consultative Conference at a New Year’s tea party.
Beijing is aiming for an official national growth target this year of about 5%, a goal officials have expressed confidence in achieving.
Xi reiterated that new quality productivity develops steadily, and annual GDP is likely to grow by about 5%.
The International Monetary Fund (IMF) expects China’s economy to grow by 4.8% this year and 4.5% next year.
Xi’s remarks came as Chinese authorities released optimistic factory activity figures, an indication that recent stimulus measures may be beginning to take effect.
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China’s Purchasing Managers’ Index (PMI) — a key measure of industrial production — was 50.1 in December, marking a third consecutive month of expansion, the National Bureau of Statistics noted on Tuesday.
The figure was lower than Bloomberg analysts’ forecast of 50.2, but still above 50, which shows an expansion in manufacturing activity.
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The key indicator dropped for 6months in the middle of the year before returning to expansion territory in October.
The non-manufacturing PMI, which measures the service sector activity, came in at 52.2 in December, above from 50.0 in November.
