Additional stimulus measures are likely to be rolled out in quick succession in the current quarter to help China hit its full-year growth target and buffer the economy against persistent global turbulence, signaled by the latest symposium between the top economic regulator and private enterprises, experts and executives said.
These fresh policy cues, together with the recently announced stimulus package, underscore policymakers' commitment to spurring private investment and securing energy supplies, thus helping shore up confidence among private businesses, they added.
Zheng Shanjie, head of the National Development and Reform Commission, pledged to "devise more policy tools with strong catalytic effects in a timely manner" and "strive to accomplish the full-year goals and tasks" at a symposium with private enterprises held in Beijing on Saturday.
The fourth quarter is a key window for consolidating economic recovery, the NDRC said, as it heard views on macroeconomic policy from companies in sectors including petrochemicals, natural gas supply, agricultural machinery and artificial intelligence applications. It was the commission's ninth such symposium this year.
"We will step up countercyclical adjustments, strengthen assessments of macroeconomic policy consistency, and ensure existing and new policy measures work in concert," Zheng said.
Zheng's remarks come amid a mixed economic picture, with new growth drivers maintaining strong momentum even as consumption remains lukewarm and the investment downturn deepens.
Stepping up policy support has become increasingly urgent as investment has slipped back into contraction since the second quarter and consumption remains under pressure, said Yuan Haixia, dean of the research institute at China Chengxin International Credit Rating.
To unlock domestic demand potential, Zheng called for construction to begin as soon as possible on major projects outlined in the 15th Five-Year Plan (2026-30) and the implementation plan for six interconnected networks — water, power, computing, telecommunications, urban pipelines and logistics.
That investment push is also gaining fiscal backing. The Ministry of Finance said on Friday it had allocated 250 billion yuan ($37.3 billion) in unused local government special-purpose bond quotas to regions with fourth-quarter project financing needs. Projects already under construction will take priority, while funding for new projects will target key areas including the six networks, the ministry added.
Xiong Yuan, chief economist at Guosheng Securities, said the additional funding, coupled with the continued acceleration in fiscal spending since the third quarter, would further bolster GDP growth in the fourth quarter.
"Full-year growth of at least 4.5 percent should now be comfortably within reach," Xiong said.
Meanwhile, Zheng also pledged to regularly recommend projects to private investors and support private enterprises in developing application scenarios, as part of efforts to promote high-quality development of the private sector.
Prior to the symposium, the commission had presented 88 investment projects to private enterprises in two batches last month, with planned investment totaling 113.8 billion yuan and a target of attracting 31.1 billion yuan in private capital, said the NDRC.
Amid China's accelerating shift from traditional growth drivers to new ones, Zheng urged private enterprises to "seize the long-term opportunities offered by the country's solid economic fundamentals and look ahead with greater confidence".
Beyond the domestic shift in growth drivers, businesses are contending with volatile global commodity prices, supply chain disruptions, shifts in global supply and demand, and intensifying competition in technology industries, said executives at the gathering.
"Recurring geopolitical tensions in the Middle East pushed international oil prices above $100 a barrel in early September — and briefly above $108 — putting pressure on the petrochemical sector and raising concerns over imported inflation and overseas liquidity conditions," Yuan from CCXI said.
Zheng added that the NDRC would promote closer integration of technological and industrial innovation, strengthen supply chain resilience, and bolster energy, resource and food security.
Editor：Zhou Jinmiao
