China is mulling several policies to promote sustained recovery of its economy, according to a State Council executive meeting chaired by Premier Li Qiang on Friday.

The meeting also deliberated and adopted an action plan to support financing for technology-based enterprises and a draft regulation on the supervision and administration of private investment funds.

Overall economy rebounding

The country's overall economy is currently rebounding and improving, the meeting pointed out, adding that with the promulgation and implementation of previous policies, market demand is recovering.

It added that production and supply continue to increase, as well as prices and employment remain generally stable, leading to the solid advancement in high-quality development.

According to the National Bureau of Statistics, the total volume of import and export of goods was 16.7714 trillion yuan ($2.35 trillion) from January to May, a year-on-year increase of 4.7 percent. The total import and export volume with countries along the Belt and Road increased by 13.2 percent.

Among them, exports were 9.6214 trillion yuan, an increase of 8.1 percent and imports were 7.15 trillion yuan, an increase of 0.5 percent.

Effective policies needed 

The meeting also noted that China's economic recovery has been impacted by an increasingly complex external environment and slowdowns in global trade and investment. In response to the changing economic landscape, it is imperative to introduce policies that are more effective, it said.

Policies mulled at the meeting centered on four aspects, namely improving macroeconomic policies, expanding effective demand, strengthening and optimizing the real economy, and preventing and resolving risks in key fields.

Qualified policies should be introduced in a timely manner and implemented as soon as possible, it stressed, urging the need to strengthen the reserves of policy measures to maximize the comprehensive effect of policies.

As technology-based enterprises at different development stages have varied demand, financial institutions are encouraged to further optimize products, markets and services to provide diversified relay financial services throughout the entire lifecycles of such enterprises, according to the meeting. 

The private investment fund sector has developed rapidly in China, playing a positive role in serving the real economy and supporting entrepreneurship and innovation, the meeting said, adding that specialized administrative regulations will help protect investors and safeguard the healthy development of the sector.

(Cover: Workers at a technology-based company produce electronic products in Zaozhuang City, east China's Shandong Province, August 15, 2022. /Xinhua)

(With input from Xinhua)