(Yicai Global) Dec. 16 -- China’s economy should maintain an upward trend as the country eases pandemic prevention measures and other policies brought in to steady the economy take effect, the macro-economic planner said today.

Local governments have been scrapping Covid-19 restrictions, and this will help to unblock the economy and promote the recovery of market demand, the National Development and Reform Commission said on its website.

Last month, the Chinese government rolled out a 20-point plan to ease Covid-19 curbs and this month another 10 measures were introduced. Among them, the trip planning app, which traced the movements of people across the country, has been discontinued and people no longer need to take Covid-19 tests before travelling.

The external environment is complex and severe, the NDRC said. Global economic growth has weakened. It needs hard work to ensure that the continued recovery of the economy.

Next, the NDRC will focus on steadying economic growth, employment and prices, continue to implement a series of policies and follow-up measures, accelerate the use of policy-based financing instruments and the construction of infrastructure projects, boost investment, promote consumption in key sectors and enhance support for small and medium-sized enterprises and self-employed individuals, it said.

It will speed up the implementation of an innovation-driven development strategy in 2023 that will leverage the important role of high-tech industries in leading and supporting high-quality economic development, the NDRC said.

The commission will accelerate the development of the digital economy, launch pilot projects for digital transformation, promote the deep integration of the digital economy and the real economy as well as form a digital industrial hub of global standing, it said.

The NDRC should speed up the construction of international science and technology innovation centers and regional innovation hubs as well as form a basis to support innovation, it added.

The commission will further mobilize private investment to spur investment growth, the NDRC said, in response to a recent government guideline on how to expand domestic demand over the next 13 years.

It will improve the financing mechanism for investment projects and strengthen capital security for major programs. Through these efforts, the NDRC will continue to optimize investment structure, maintain reasonable investment growth and give full play to the important role of investment in expanding domestic demand and optimizing supply.

Editor: Kim Taylor