News

Global race: China will reduce its unnecessary expenses

By Ali Ramay

March 13, 2024 04:34 PM


During the coverage of the two sessions in China, there was a golden opportunity to get to know China's economic resilience and foresight very closely.

As a journalist from Pakistan, I also got a close look at China's economic agenda and wanted to know whether the Two Sessions is only for China or is it important for the whole world. It is said that the two sessions resonate not only with the people of China and Pakistan but also globally.

At this political gathering in Beijing, one clear message was that China is tightening its belt, and focusing on prudent fiscal management, while also making its spending oversight more effective to curb unnecessary spending.

When the Premier of China Mr Li Qiang presented the work report of 2024 at the NPC meeting in Great People Hall, it was also stated that China will now also reduce its unnecessary expenses. This suggests that the days of vanity-driven lavish projects are gone, instead funds should be spent where it is most needed.

But importantly, it's not just about tightening the purse strings. It is about deploying resources effectively.

China is committed to maintaining as much domestic liquidity as possible, ensuring that money is spent where it can drive economic growth and keep inflation under control. What this really means is to support key sectors, remove weaknesses and reduce overall financial costs.

Central to China's economic strategy is the stabilization of the renminbi exchange rate, which provides reassurance to global markets.

However, the focus is not just on traditional finance. As China advances technology, green initiatives, and inclusive finance, China is also ensuring that even small and medium-sized enterprises have access to funding.

According to China's 2024 work report, policy coordination is key. China recognizes the interconnectedness of fiscal, monetary and other policies, aiming at harmony rather than conflict.

China's 2nd session is also considered critical because local voices are heard, and policies are developed with input from all stakeholders, including market institutions.

China emphasizes the need for policies to work together while avoiding conflicts that hinder development. Flexibility is paramount, allowing for adjustments as needed to achieve the desired results.

China is committed to high-quality development under the guidance of President Xi Jinping's economic vision. Quality takes precedence over quantity, with an eye on both performance and durability. Economic security is paramount, development efforts aim to promote stability and address public concerns.

There is no stipulation that real development depends on reforms. China remains committed to deepening reform and opening up, promoting an efficient market, and ensuring a supportive role for the government. Greater vitality, growth, and higher quality development for all.

In China's economic journey, the threads of reform, resilience and responsibility are interwoven, presenting a vision of development not only for China and Pakistan but for the entire world. And yes, importantly, the story of China's economic transformation is far from over - it's just beginning.


Ali Ramay

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Ali Ramay is a senior reporter for City42 and 24NewsHD, based in Lahore.He is primarily responsible for gathering and reporting news related to the Punjab Government and provincial departments.


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