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The Beijing central business district, August 8, 2020. /VCG
China's macro policy this year will definitely match the actual needs of a stable economic growth and there will be no U-turn on the policy, the country's top economic planner said in a regular press conference on Tuesday.
"We've noticed that some voices in the society believe that the policy in 2021 will be fully regressed or even withdrawn. I think this is not correct," said Yan Pengcheng, an official with the National Development and Reform Commission (NDRC).
Yan noted that the Central Economic Work Conference has made policy arrangements for 2021, and that a main purpose of the macro policy is to ensure the healthy growth of the economy. He said the NDRC will make a balance and deal with all kinds of economic uncertainties.
"In particular, considering that some entities have been experiencing a period of recovery, and some small and medium enterprises have just survived (from the pandemic) without recovery, macro policy will continue to give the necessary support," Yan said.
Yan also pointed out that some temporary policies cannot work in the long term. As the economy gradually returns to normal, it is necessary to use reforms and innovations to stimulate market entities, and leave policy space to deal with more complex situations in the future, he added.
Despite the grave and complex environment posed by the COVID-19 pandemic, China managed to bring its economic growth back to a pre-pandemic rate. Its full-year GDP exceeded 100 trillion yuan ($15.45 trillion) for the first time, China's National Bureau of Statistics said on Monday.
The country reported GDP increase of 6.5 percent in the fourth quarter of 2020, bringing the country's full-year expansion to 2.3 percent. The fourth-quarter GDP beat many institutions' expectations, including Reuters' forecast of 6.1 percent and Natixis' estimation of 6.3 percent.
The annual growth of 2.3 percent indicates that China led major economies in annual positive growth in 2020, while many others continue to grapple with the pandemic.
China's Q4 growth hits pre-virus rate of 6.5%, driving annual GDP to over 100t yuan
