Early policy key to strong performance

Top planning body ensures solid start for 2024 economy with effective moves

China's top economic regulator vowed on Thursday to front-load policy support early next year to achieve a solid start for the Chinese economy in 2024, as mixed economic indicators for October necessitated more stimulus to sustain recovery momentum.

Stepped-up fiscal expansion will likely bolster economic growth in the first half of 2024, experts said, as earlier government bond issuances and a deficit-to-GDP ratio that may exceed 3 percent help boost infrastructure investment.

Accommodative monetary steps can also be expected, they said, including targeted low-cost funding for public housing and local government debt risk resolution, in addition to potential cuts in interest rates and the reserve requirement ratio — the proportion of cash lenders must keep in their vaults as reserves.