China has ample space in macroeconomic policies to buffer short-term pressures

China has ample space in macroeconomic policies to buffer short-term pressures, said Han Wenxiu, an official with the office of the Central Committee for Financial and Economic Affairs, on Dec. 13.

Han said the current price levels are relatively low, the central government's debt is not high, and there is significant room for fiscal and monetary policies. He made the remarks at an economic seminar in Beijing.

China issued an additional 1 trillion yuan ($139 billion) in government bonds this year, launched a comprehensive package to mitigate local government debt risks and reduced the reserve requirement ratio for deposits. Han said the effects of these policies are expected to continue into next year.

"This year, China accounted for over 30 percent of global economic growth, making the country the largest driver. Its exports stood above 14 percent of the world's market share," said Han.

Han emphasized China's strong position in global industrial and supply chains. He noted that industries such as automotives and shipbuilding exhibit robust international competitiveness, adding that China is set to achieve a historic record this year with over 5 million vehicles being exported.

Highlighting the ongoing reforms, Han said that China, with a well-established industrial system and strong supporting capabilities, possesses unique advantages. He said breakthroughs in technology, particularly in artificial intelligence, commercial aerospace, quantum technology and bio-manufacturing, are rapidly advancing.

Han said China's commitment to green development is based on low carbon, energy efficiency and environmental protection standards. He said that this approach will accelerate the green transformation of production and consumption, providing greater benefits and a broader stage for China's economic development.