Despite the palpable downward pressure on the Chinese economy from both domestic and external factors, the series of incremental policies China has resolutely carried out in the second half of this year have effectively enhanced the performance of the economy, as shown by the pickups in several key indicators. And China's macroeconomic policies have a direct influence on the world economy through the role it plays in the global industry and supply chains, and its position as a major trading partner of more than 120 countries and regions.
That explains why the Central Economic Work Conference that concluded in Beijing on Thursday has caught so much attention from around the world. And that attention speaks volumes of the high hopes the international community pins on China continuing to share its development dividends and opportunities with the world.
That hope also originates from the world's confidence in China's hallmark macroeconomic control ability and high execution efficiency, which is based on the dynamic balance the country has managed to strike between using both the visible hand of the government and the invisible hand of the market to adjust relations between supply and demand, self-reliance and opening-up, new growth impetus and old growth drivers, quality and quantity, and development and security.
As the conference indicated, going forward, China will implement a more proactive fiscal policy and a moderately loose monetary policy, and tolerate a higher deficit, enrich and improve its policy toolbox, strengthen extraordinary countercyclical adjustments, and give good play to the bailout policy portfolio.
These policies show that the Chinese policymakers are exercising tremendous prudence and strengthening anticipation management to minimize the risks and uncertainties while pursuing new quality productive forces, and innovation, and comprehensively deepening reform and expanding high-standard opening-up to the outside world.
That China's commitment to opening-up remains unchanged and it will continue to liberalize and facilitate trade and investment was also a core message of the congratulatory letter Chinese President Xi Jinping sent to the Gala 2024 of the US-China Business Council in Washington on Wednesday.
It is clear from this that advancing Chinese modernization will provide new opportunities for the world. It is ready to appropriately resolve differences with all countries through dialogues and negotiations so that win-win cooperation can be realized.
