China's economy to sustain recovery in November-December period, says economic planner

China's economy is expected to maintain its recovery momentum in November and December thanks to the effectiveness of the country's policy toolkit, the National Development and Reform Commission (NDRC) said on Tuesday.

The commission, the country's top economic planner, is working with other parties to achieve the full-year growth target, said NDRC spokesperson Li Chao at a press conference.

Multiple economic indicators have shown a rise in market confidence and expectations among business entities since September, with an increase in companies' willingness to invest and produce, Li said.

Data from the National Bureau of Statistics showed that despite challenges at home and abroad, China's GDP grew 4.8 percent year on year in the first three quarters of 2024. This year's annual economic growth target is around 5 percent.

Looking ahead to 2025, Li said China's economy will maintain vast favorable conditions and supportive factors, with enormous market potential yet to be unleashed.

For instance, the overall urbanization rate still has significant room for improvement, which will drive consumer demand. New business models related to the green and digital sectors, as well as eldercare and childcare services, will continue to generate robust demand, Li said.

With adequate policy space, China has steadily enhanced its policy toolkit, including targeted regulation and counter-cyclical adjustments, and improved the consistency of its macroeconomic policies. These efforts will effectively support the steady and healthy development of the economy, the spokesperson said.

"The underlying trend of economic recovery and long-term growth remains unchanged, and we have full confidence in this," Li said.