The Chinese government’s 5 economic policies show their impact

CGTN commentator Zhi Wuyan said that the five economic policies implemented by the Chinese government since the beginning of the year have started to bear fruit.

Stating that loans of 500 billion yuan (about 70 billion 400 million dollars) were mainly provided to areas related to scientific innovation and equipment and consumer product refurbishment, Zhi Wuyan said: “Through this policy, small and medium-sized enterprises operating in areas such as economy digital, artificial intelligence and environmental protection A loan was granted to enterprises with an interest rate of 1.75%. for equipment modernization. On the other hand, a subsidy of 15 billion yuan was offered for the refurbishment of consumer products, including cars and household appliances. Thanks to this policy, the sales volume of household appliances in the country in the first 4 months of 2024 increased by 20 percent compared to the same period last year, and the sales volume of cars in the first quarter of 2024 reached 6 million 720 thousand, reaching a record level since 2019. he said.

Zhi Wuyan said: “Second, financial support has been provided to companies operating in the foreign trade area. Various services were provided to Chinese companies to participate in international trade fairs. China’s General Directorate of Customs has taken 17 trade-facilitation measures. He helped e-commerce companies use the Authorized Economic Operator (AEO) certificate. “In the first 4 months of the year, China’s foreign trade volume increased by 5.7 percent compared to the same period last year, reaching a record level.” he said.

Third, stating that efforts to attract foreign capital to the country have been intensified, Zhi Wuyan continued his assessment as follows:

“Measures have been taken to improve the trade environment under the “Plan for Further High-Level Opening Up and Attracting More Foreign Capital into the Country” implemented by the Chinese government. Made easier, among others: access to the market for companies with foreign capital. The catalog of guides to foreign investment industries has been expanded. Greater convenience of stay and work has been provided for foreigners working in China. “In the first quarter of 2024, the number of foreign-invested companies operating in China increased by 20.7%, and China’s actual foreign investment rating increased by 41.7%.

Zhi Wuyan said: “Fourth, a number of measures have been taken to attract foreign tourists to the country. From the end of 2023, tourists from 11 European countries are exempt from the visa requirement. From May 15, foreign tour groups arriving in China by cruise ship are also visa-free. In addition, it has been made easier for foreigners to access payment methods in China. In the first quarter of 2024, the number of foreign tourists arriving in China tripled. “The number of foreigners arriving in China without a visa increased by 3%, reaching 266.1 million.” he said.

Fifth, stating that appropriate measures have been taken to ensure the stable development of the real estate market, Zhi Wuyan said: “The Chinese government has provided a loan of 300 billion yuan for housing purchases. In the case of house sales, interest rates on advance payments and loans have been reduced. The international community attaches great importance to the functioning of the Chinese economy, which has a huge impact on the world economy. Thanks to the policies implemented by the Chinese government, the Chinese economy continues to develop high-quality. “This sparked a positive reaction from the international community.” he said.