Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, June 26 (Xinhua) — China has the confidence and capacity to maximally cushion the negative impact of external shocks on its economy and promote sustainable and healthy economic development, Li Chao, an official with the National Development and Reform Commission (NDRC), said at a press conference on Thursday.
The external environment is becoming increasingly complex, severe and unpredictable, posing challenges to the stable growth of the global economy and trade, she said. All of this could affect the sustainable functioning of China’s economy, she added.
Recall that in the first quarter of 2025, China’s GDP grew by 5.4 percent year-on-year, accelerating from the 5 percent growth rate recorded for the whole of 2024. China has set a target of 5 percent economic growth this year.
She also noted that existing support measures continue to operate, and new measures are being introduced. In particular, large-scale equipment modernization and the program of replacing old consumer goods with new ones under the trade-in scheme are playing an increasingly significant role in the country in stabilizing investments, stimulating consumption, promoting economic transformation and raising people’s living standards, she noted.
According to her, thanks to this program, sales of home appliances, furniture and communication devices have grown rapidly, and this year the sales volume of goods under the program exceeded 1.4 trillion yuan (about 195.48 billion US dollars).
The Chinese government has earmarked 300 billion yuan to issue ultra-long-term special government bonds to support the consumer goods trade-in program in 2025, with the first two tranches of funds totaling 162 billion yuan issued in January and April, Li Chao said, adding that the third batch of funding will be released in July. -0-