The National Development and Reform Commission (NDRC) said in a press conference that Beijing will accelerate the implementation of measures to stabilise employment and the economy, and to boost domestic consumption.
Zhao Chenxin, deputy head of the NDRC, said China has ample policy reserves and the government will fully prepare contingency plans.
“We will intensify efforts to ensure the implementation of current policies, including the special campaign to boost consumption. We’ll make good use of the 5 trillion yuan of investment funds at the national level this year, and speed up the establishment of the national venture capital guidance fund, among others,” he told reporters.
“The majority of these policies will be implemented in the second quarter. No matter how the international situation evolves, we will stay focused on our development goals… and concentrate on managing our own affairs well. We are fully confident we’ll achieve this year’s economic and social development targets.”
Zhao also said Beijing is “on the right side of history” in the trade war with Washington.
“We firmly believe that if you are against the world and the truth, you will only isolate yourselves,” he said. “Only by travelling with the world and with morality can we win the future.”
Yu Jiadong, vice minister of human resources and social security, spoke about the adverse effects from the US tariffs on businesses and jobs, especially export-oriented companies.
Yu said the central government will take steps to improve workers’ skills while increasing funds and loans for enterprises affected by the tariffs.
“Recently, we have allocated 66.7 billion yuan of the central employment subsidy funds to provide guarantees for the implementation of the policies,” he said.
“At the same time, we will speed up the introduction of incremental policies to increase support for enterprises to expand jobs, to increase employment subsidies for individuals and raise the proportion of the job-retention refunds from unemployment insurances for those firms significantly impacted by the tariffs.”
Speaking at the same event, deputy central bank governor Zou Lan reiterated that mainland authorities would free up more cash for banks and cut interest rates at an appropriate time.
Zou also affirmed a moderately loose monetary policy and the need to maintain the yuan’s stability.
