Aerial view of Shanghai Photo: VCG

The National Development and Reform Commission (NDRC) said China has the confidence, conditions and ability to achieve its annual economic and social development goals by the end of 2023 after a series of economic figures showed upbeat momentum, China Media Group (CMG) reported on Friday.

Zheng Shanjie, head of the NDRC, made the remarks during an interview with CMG, stating that China's economic recovery is a "wave-like" and tortuous process, adding that economic operations in the first two quarters were low in the beginning, rebounded in the middle, and showed a steady and positive trend in the third quarter.

"Although China is facing multiple difficulties in its economic recovery, the nation's driving force transformation period still provides valuable opportunities, and bringing those opportunities to more people is the NDRC's next priority mission," said Zheng.

Zheng stressed further implementing the policy support that has been issued, expanding domestic demand, attracting foreign investment, building a modern industrial system, resolving enterprises' operation difficulties, preventing and tackling financial risks, and ensuring people's livelihood at the end of the year.

NDRC has held four rounds of face-to-face discussions with Chinese private enterprises to hear feedback about the barriers that are restricting their development.

In the first three quarters of 2023, the growth rate of private investment in the secondary industry reached 9 percent. In September only, the growth rate of private industrial enterprises' added value rose to 3.3 percent from a low of 0.5 percent in 2022, according to CMG.

"With a series of supportive policies going into effect, transformation potential continuing to be released and the driving force of business entities strengthened, we have the confidence, conditions and ability to further ensure the positive trend of economic recovery in the fourth quarter, and complete the mission of meeting the annual economic and social development goals," Zheng noted.

Global Times