China's economy: How it performed and the road ahead | Updated: 2022-01-19 06:40
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An engineer fine-tunes an industrial robot in Hangzhou, Zhejiang province, on Jan 16, 2022. [Photo by Long Wei/For China Daily]

Measures that boosted the economic recovery:

Efficient pandemic control measures

China's efficient pandemic prevention and control measures boosted the economic growth of the last year, Xu said, adding that China's supply chain and industrial chain have seen overall recovery with more orders returning to the country, indicating the resilience and integrity of China's economic industrial chains.

Aid to medium, small, and micro enterprises

In 2021, the high price of raw materials pushed up the costs of medium, small, and micro enterprises of the manufacturing sectors. The Chinese government then launched a series of measures and policies to cut taxes and fees, reduce financing costs, and provide targeted financial support, which drove the vitality of enterprises, Xu said.

Proactive fiscal policy and prudent monetary policy

Besides, the coordination of proactive fiscal policy and prudent monetary policy focused more on structural changes in medium and long term, Xu said, adding that the country has made steady progress in all reforms, and promoted high-quality economic development.

Innovation encouraged

Preferential policies have boosted innovations as well as R&D input of enterprises. The establishment of the Beijing Stock Exchange further assisted capital injection into innovative sectors, with strong support to the upgrading and transformation of China's industry, Xu said.

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