difficulties. All this demonstrates that under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, the Chinese people have the courage, vision, and strength to meet any challenge and overcome any obstacle. There is no doubt that in pursuing development, China will continue to surge ahead, cleave mighty waves, and advance toward a great future.
Last year, we thoroughly studied and implemented the guiding principles from the 20th CPC National Congress and the Second Plenary Session of the 20th CPC Central Committee. We mainly carried out the following work in accordance with the decisions and plans of the Party Central Committee:
1. We strengthened macro regulation and promoted steady economic recovery and growth.
In light of grave challenges and the particular conditions of the post-Covid economic recovery, we took coordinated steps to ensure stable growth and sustain its momentum, and gave priority to consolidating the foundations of the economy and taking targeted steps. We ensured the proper timing, intensity, and effect in conducting macro regulation, and strengthened counter-cyclical adjustments. We refrained from resorting to a deluge of stimulus policies or strong short-term stimulus measures, and made greater efforts to promote high-quality development. Over the course of the year, China’s economy experienced a slow start, but reached a midyear peak and achieved stable growth in the latter stage.
To expand domestic demand, improve the economic structure, bolster confidence, and prevent and defuse risks, we adopted a full range of robust and effective policies, namely, extending and improving a number of time-limited policies and rolling out a new batch of timely policies.
We enhanced the intensity and effectiveness of fiscal policies and ensured spending in key areas. Additional tax and fee relief measures introduced last year resulted in savings exceeding 2.2 trillion yuan, and an additional 1 trillion yuan of treasury bonds was issued to support post-disaster recovery and reconstruction and build up capacity for disaster prevention, mitigation, and relief.
Monetary policies were implemented in a targeted and effective way. Required reserve ratios and policy interest rates were lowered two times, and there was a significant increase in loans issued to support scientific and technological innovation, advanced manufacturing, micro and small businesses, and green development initiatives.
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