Stabilising growth should be prioritised, says China state planner

The world's second-largest economy faces multiple challenges heading into 2022, due to a property downturn and strict COVID-19 curbs that have hit consumer spending. A key economic meeting earlier this month said that China will focus on stabilising the economy and keeping growth within a reasonable range in 2022.

China should "give more prominence to stabilising growth", said He Lifeng, head of China's state planner, the National Development and Reform Commission (NDRC), in an article posted on the NDRC website on Tuesday. The world's second-largest economy faces multiple challenges heading into 2022, due to a property downturn and strict COVID-19 curbs that have hit consumer spending.

A key economic meeting earlier this month said that China will focus on stabilising the economy and keeping growth within a reasonable range in 2022. The effect of COVID control policies on people's lives should also be minimised as far as possible, said He.

Gross domestic product (GDP) expanded 4.9% in the third quarter from a year earlier, slowing from 7.9% in April-June and missing expectations.