People's Daily Zhong Caiwen: China's macro policy toolbox is well-equipped, with ample room for counter-cyclical adjustments and the capability to introduce pragmatic and effective incremental policies based on changing circumstances

The article points out that, compared to some economies relying on high debt and high deficits to stimulate growth, China has avoided the path of excessive dependence on strong policy stimulus. Aggregate policies remain proactive and effective, while structural policies focus on precise interventions, preventing the formation of a "policy dependency." Overall, the fundamental conditions and long-term positive trend supporting China's economy remain unchanged. The macro policy toolbox is well-equipped, with ample room for counter-cyclical adjustments and the capability to introduce pragmatic and effective incremental policies based on changing circumstances. China has the ability to achieve its annual economic and social development goals.