Lujiazui Photo:VCG

On Tuesday, the State Council Information Office held a press conference to introduce the systematic implementation of a package of incremental policies. These policies focus on five main areas: strengthening counter-cyclical macroeconomic policy adjustments, expanding effective domestic demand, increasing support for enterprises, stabilizing the real estate market and boosting the capital market. This is a systematic implementation "blueprint" by the State Council level after the Political Bureau of the Communist Party of China Central Committee held a meeting on September 26 where "stepping up efforts to roll out incremental policies" was proposed. It is also the voice of another important macro-control department following institutions such as the central bank of China.

As the National Development and Reform Commission stated at the press conference, China's current economic situation can be summarized as "stable" and "progressive." On one hand, both production supply and market demand are stable, and the ongoing work regarding "two new" organizations (new economic organizations and new social organizations) has achieved remarkable results. On the other hand, new driving forces have accelerated their growth, and the three major demand structures of investment, consumption and export have become more optimized. Additionally, new urbanization and coordinated regional development have advanced further, and major economic provinces have also taken on a leading role. These are all signs of stability and progress. 

During the National Day holidays that just passed, new expectations for the Chinese economy were growing day by day, both at home and abroad. This is quite normal. Since late September, a series of intensive economic policies introduced by China's leadership and relevant institutions have highlighted the vitality and resilience of the Chinese economy. The simultaneous warming of both the stock market and the real estate market is a visible and tangible example of this.

Undoubtedly, the enthusiasm for "investing more in China" has been stimulated by "incremental policies." It is important to point out that the underlying logic of "investing more in China" stems from the fundamentals of the Chinese economy and the outstanding achievements in various fields. Currently, the fundamentals of the Chinese economy, and favorable conditions such as a vast market, strong economic resilience and great potential remain unchanged. The Chinese economy has posted generally stable performance this year, making progress while ensuring stability, which are all well-recognized facts. Agricultural production provides a solid guarantee for food security, manufacturing investment is still on a path of rapid growth, new momentum is accelerating in its development, and high-quality growth is being advanced. The Chinese economy instills strong confidence in all fields and aspects, laying a solid foundation for the implementation of various incremental policies and for tackling the next stage of reform.

It also needs to be noted that the complexity of the Chinese economy means that many policy effects will still take time to manifest, especially in the current context of intertwined internal and external pressures. For policies to achieve good results, they require not only government promotion but also the continuous collective efforts of society as a whole. "It is imperative to calmly and objectively look at the current economic situation in an overall perspective, face up to difficulties, have greater confidence, and strengthen our sense of responsibility and urgency in doing a good job in economic work." This is the most objective and rational perspective on the current economic situation in China and serves as a call to those striving in various fields of China's economic and social landscape.

The Chinese economy is like a vast ocean; it experiences turbulent waves and encounters storms, but it continues to grow and strengthen. To transform the short-term effects of policies into long-term momentum, we need robust support from deep-level reforms, and overcome the growing pains and obstacles of entering the most difficult stage of the reform. This stage is full of hope but also challenges. From the complexity and volatility of the external environment to the pressure of internal structural adjustments, from the bottlenecks of technological innovation to the uncertainties of market changes, we need to demonstrate courage, wisdom, unity, and a determination for sustained hard work.

Anyone who has personally participated in and witnessed China's development understands that the spirit of hard work has always been key to how the Chinese people face challenges. Behind every major reform and achievement in China lies the collective effort of the entire nation. With the further strengthening and optimization of macro policies, a situation of industrial upgrading, employment growth, and positive interaction between financial investment and the real economy will gradually take shape. The story of China's economy is far from over, and the spirit of hard work will continue to support China as it moves toward a new stage of high-quality development.

The development of China's economy and society is centered around the people, ultimately aiming to improve the quality of life for the common citizens. Beyond short-term market performance, what is needed more is firm confidence in the long-term economic outlook and a continuous pursuit of the path of high-quality development. Maintaining long-term strategic determination and confidence, and striving tirelessly in our respective positions to do good things well and do practical things effectively, is the best investment in the future of China's economy.

There are still more than 80 days until the end of 2024. What is most needed right now is for the entire society to unite around the baton of macroeconomic regulation policies, strengthen confidence, and take practical actions. We must cultivate a sense of responsibility and urgency to achieve the annual economic goals and overcome the challenges faced in economic progress. 

At the same time, we should adopt a systematic approach to view the Chinese economy within the context of high-quality development and structural adjustments. We need to maintain confidence and patience in China's macroeconomic regulation policies, be mentally prepared for the difficulties and challenges in the transformation and upgrading of the Chinese economy, and adopt a long-term perspective that appreciates the long vista of the Chinese economy.