China is accelerating its pace to introduce a series of incremental policies to promote economic development, according to Zheng Shanjie, chairman of the National Development and Reform Commission, at a press conference on Tuesday.

He emphasized the need to counteract the downward pressures faced by the economy by strengthening macroeconomic policies. Zheng said that the Chinese government has allocated 700 billion yuan in the central budget to invest in major projects related to national development and security. Next year, the government plans to continue issuing ultra-long-term special bonds and optimize their allocation to further support the economy, said Zheng.

He noted that enhancing domestic demand is a government priority, which will focus on improving livelihoods and boosting consumption while leveraging investment to stimulate growth. To boost domestic demand, the head of the NDRC said that the Chinese government will focus on increasing the incomes of middle- and low-income groups, promoting large-scale equipment upgrades to enhance commodity consumption, improving elder care and childcare services, and fostering new consumption models such as digital and green consumption.

Zheng also addressed the challenges many businesses are facing, promising greater support to help them overcome difficulties and emphasizing the importance of optimizing the business environment. The government will further regulate the enforcement actions of administrative law enforcement agencies concerning enterprises, promptly alerting regions where fines or confiscated revenues have increased unusually and conducting inspections when necessary. The government will also accelerate the legislative process to create a favorable environment for the development of the non-public economy.

To tackle the weak real estate market, Zheng said that comprehensive measures will be implemented to promote stabilization, along with effective strategies to revitalize the capital market, addressing recent fluctuations and boosting investor confidence.

Zheng highlighted that the overall operation of China's economy is stable, with new productive forces forming at an accelerated pace and high-quality development advancing deeply.

The fundamental conditions for economic development in China remain strong, with significant market potential and resilience, expressing confidence that China will achieve its annual economic goals while maintaining sustained, stable and healthy development moving forward.

China announced a slew of policies, including a monetary easing policy, lowering mortgage rates, and easing house-buying restrictions ahead of the National Day holiday (October 1 to 7). These measures have led to a rapid increase in second-hand home transactions and a stock market surge on the first day after the holiday.