China to promote high-quality development in 14th FYP period

A factory for laptop accessories in Jiaxing, east China's Zhejiang Province, January 27, 2021. /CFP

China's state planner on Monday outlined measures to promote high-quality development during the 14th Five-Year Plan period (2021-2015) and support economic recovery.

China will continue to implement macroeconomic policies to promote the steady, healthy and sustainable development of the national economy, and make timely adjustments in accordance with changes, said Ning Jizhe, deputy head of the National Development and Reform Commission (NDRC) at a press conference.

The country will continue to implement a proactive fiscal policy, Ning noted, adding that in 2021, the general public budget expenditure will exceed 25 trillion yuan ($3.85 trillion), up 1.8 percent from a year earlier.

More structural tax cut policies will be in place to bolster small- and medium-sized enterprises (SMEs) and support the real economy, Ning said. The country will prolong the policies on inclusive loan repayment extension and the credit loan support program for smaller businesses. Inclusive loans for SMEs by major commercial banks will increase by over 30 percent, he said.

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