Su Wei, deputy secretary general of the National Development and Reform Commission (NDRC), shared China's experience with Japan in promoting economic recovery while controlling the COVID-19 epidemic during the 16th Beijing-Tokyo Forum on Nov. 30.
Despite its economy shrinking in the first quarter of this year due to the epidemic, China went on to register positive growth in the second and third quarters, consolidating the country's economic developments and anti-epidemic achievements, Su said.
He introduced the actions China has taken to coordinate economic recovery with anti-epidemic efforts.
He said that policies were formulated to help businesses remain afloat, especially small and medium-sized enterprises. "We helped enterprises to tackle problems accessing capital and human resources, as well as issues related to epidemic prevention and control," noted Su. "We also cut taxes and fees further to accelerate their production resumption."
Proactive fiscal policy and prudent monetary policy have also been implemented, with innovative financial tools developed to support the real economy.
Su also emphasized the importance of prioritizing employment. Economic development requires human resources, making it necessary to ensure employment despite COVID-19 control requirements.
Given the risks of reoccurrence and the global pandemic situation, Su said that epidemic prevention and control should be considered the "new normal". He suggested establishing a long-term coordination mechanism for epidemic control and socio-economic development to stabilize economic growth.
"In terms of coordinating the anti-epidemic work with socio-economic development, we are ready to exchange experiences and lessons with Japan and other countries," Su said, adding that "only solidarity can help us get through these difficult times."